On Tuesday’s broadcast of CNBC’s “Closing Bell,” Sen. Joe Manchin (D-WV) reacted to claims by the National Association of Manufacturers that the taxes in the reconciliation bill will hurt the manufacturing sector and reduce GDP and labor income by stating
“The rising cost of living is the most commonly cited cause of lower sales, as well as the worsening economic outlook,” said economist Chris Williamson.
A worrying deterioration in the economy
The Philly Fed’s manufacturing index plunges even deeper into negative territory as high prices destroy demand and interest rates rise.
Price growth remains elevated in the services sector even while new orders have gone into contraction.
New orders and employment measures fell into contraction in June.
The Richmond Fed misread its own survey data and produced a report that foretold a massive lurch into deflation and depression.
Every gauge of the health of the manufacturing economy in Texas showed contraction or stagnation in June. Except prices: those are still rising at an extremely elevated pace.
The latest signal of looming stagflation.
A huge drop in manufacturing of electronics, appliances and home furniture sent output sinking while high energy prices drain demand from the rest of the economy.
The outlook turned negative for the first time since December 2008, when the national economy was deep in the financial crisis.
The New York Fed’s barometer of manufacturing sector activity in New York produced a negative reading for the second month in a row.
Between 2019 and 2021, nearly 200,000 manufacturing jobs disappeared from lockdown Britain, a trade union in the country has claimed.
John Deere announced to its employees on Wednesday that it will be moving part of its Tractor and Cab Assembly Operations facility from Waterloo, Iowa, to Mexico by Fiscal Year 2024.
The S&P Global Manufacturing PMI comes in lower than expected as inflation drags down optimism and shortages weigh on production.
Another regional Fed report shows deteriorating business conditions.
Manufacturing activity slowed in the central U.S. while inflation pressures remained very high.
April’s orders for longer-lasting manufactured goods were below expectations. This may foreshadow an even deeper slowdown for U.S. factories that appears underway in May.
The latest evidence that U.S. factory activity is contracting in May.
The survey confirms that the slowdown in the manufacturing sector indicated this week in the New York Fed’s Empire State survey is widespread.
Toyota Motor Corp. will suspend the operation of 14 production lines across eight factories in Japan for nearly one week later this month as part of the Japanese automaker’s effort to cope with a microchip shortage caused by a month-plus Chinese coronavirus lockdown of Shanghai, China, Kyodo News reported Wednesday.
A big jump in factory orders likely reflects prices rising more than real growth.
After a record high in February, economists through the trade deficit in goods would shrink. Instead, it rose to a new record high in March.
Inflationary pressures soared in April for both manufacturers and services sector businesses, hurting business confidence and the willingness of consumers to spend.
Shanghai on Saturday issued an edict allowing local factories to resume production — which had been halted in recent days due to a city-wide Chinese coronavirus lockdown — as long as “workers live on-site,” China’s state-run Global Times reported on Sunday.
Orders for household appliances, however, rose.
The Dallas Fed’s manufacturing survey show price expectations are soaring.
Prices charged by manufacturers in the Fifth District rose by a seasonally adjusted 9.16 percent over the past twelve months.
Intel announced it intends to create a “leading-edge semiconductor fab mega-site in Germany” to move supply chains back to the West.
J.D. Vance said Mike Gibbons is a “Chamber of Commerce Republican” who will not “protect Ohio jobs” from the status quo of globalization.
MILAN (AP) – Italian paper mills that make everything from pizza boxes to furniture packaging ground to a halt as Russia’s war in Ukraine has sent natural gas prices skyrocketing.
A stricken cargo ship carrying over 1000 luxury vehicles alongside assorted electric cars bound for America from Germany sank Tuesday in the mid-Atlantic.
Demand collapsed in February as wildfire inflation burned through the Fed’s Fifth District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.
Inflation is heating up even as the Fed gets ready to hike rates.
Inflationary pressures show no signs of letting up, raising the odds that the Federal Reserve may ratchet up interest rates even faster than anticipated. The Department of Labor’s Producer Price Index showed that prices rose one percent in January, twice
The European Union has announced new plans to combat its reliance on foreign bodies — such as Communist China — in regards to microchip manufacturing, including pumping an extra €15 billion into the essential sector.
Inflation masked an even larger contraction in manufacturing at year-end.
Inflation, omicron-linked absenteeism, and weaker demand all hurt growth in the first month of 2022.
Another regional Fed survey shows mounting inflationary expectations.
Business investment came to a standstill in the final month of 2021.
