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Tag Archives: manufacturing

Manufacturing and construction – remain “on fire”

The two most leading sectors of the real economy – manufacturing and construction – remain “on fire” Data for January 2021 started out this morning with the ISM manufacturing index, while the December laggard of construction spending was also reported.  While the ISM manufacturing reading declined from 60.7 to 58.7, since 50 is the break-even point, this is still a very strong positive. The even more leading new orders subindex also declined...

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Manufacturing and construction – remain “on fire”

The two most leading sectors of the real economy – manufacturing and construction – remain “on fire” Data for January 2021 started out this morning with the ISM manufacturing index, while the December laggard of construction spending was also reported.  While the ISM manufacturing reading declined from 60.7 to 58.7, since 50 is the break-even point, this is still a very strong positive. The even more leading new orders subindex also declined...

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Bill Mitchell— Leading indicators are suggesting recession

In the last two days, some major leading indicators have been released for the US and Europe, which have suggested the world is heading rather quickly for recession. It seems that the disruptions to global trade arising from the tariff war is impacting on US export orders rather significantly. The so-called ISM New Export Orders Index fell by 2.3 percentage points in September to a low of 41 per cent. The ISM reported that “The index had its lowest reading since March 2009 (39.4 percent)”....

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Why targeting productivity is a bad idea

Last week I attended a workshop entitled "Enhancing the Bank of England Toolkit," hosted by the Progressive Economy Forum. Presented at the workshop, and underpinning most of the debate, was this report from GFC Economics and Clearpoint Advisers, which was written for the Labour Party and first issued last June. The report was widely criticised at the time, as one of its authors ruefully observed in the introduction to the presentation. Nonetheless, the authors presented it unamended.The...

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Matias Vernengo — Structural Change in China and India: External Sustainability and the Middle-Income Trap

AbstractThis paper focuses on the different development strategies of China and India, particularly regarding the role of manufacturing and services, for long-run productivity growth, external competitiveness and financial fragility. The findings appear to support the argument that productivity improvements in manufacturing drive productivity improvements in other sectors. They also substantiate previous findings that the Indian services-led growth trajectory has had limited success in...

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Why Manufacturing Still Matters

I've been reading in the spare time (not as much as I would like, and worse with the World Cup) Louis Uchitelle's Making It: Why Manufacturing Still Matters. I tend to agree with the general idea of the book and with many of the policy conclusions, even though I have some problems with minor points (for another post). As a result of this I went to check manufacturing output. There are many different statistics to check in the FRED database. Below a measure of industrial output. And yes, it...

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In consideration of Trade and Tarrifs

Updated This past weekend, I was in North Adams, Ma.  We did some exploring of the area and came across a company started in 1837 that still exists today in Buckland.   It no longer produces there, as it has moved to Westfield, Ma.  It’s only move in 178 years.   However, it has not survived the trend of Capital Investment companies.  Though, their being purchased does not appear to be a bad thing based on their website. This picture I took is why I am...

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Ten things to know about the 2018 Saskatchewan budget

I’ve written a ‘top 10’ blog post about the recently-tabled Saskatchewan budget. Points raised in the blog post include the following: -This year’s budget was quite status quo. -Last year’s budget, by contrast, included a series of cuts to social spending. Last year’s budget also announced cuts to both personal and corporate income taxes that were subsequently reversed. -Saskatchewan has one of the lowest debt-to-GDP ratios in Canada. -This recent budget announced the phase out of a rent...

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The Amazing Conversion of Sir James Dyson

“Will you tell me how long you have loved him?” asks Jane Bennet, on receiving the astonishing news that her sister Elizabeth is to marry Darcy, the rich aristocrat she used to hate. “It has been coming on so gradually, that I hardly know when it began,” replies Elizabeth. “But I believe I must date it from my first seeing his beautiful grounds at Pemberley.” This is from the end of Jane Austen’s Pride and Prejudice. Austen is lampooning the British 19th century marriage market, in which...

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Reshoring is hype

This chart has been doing the rounds on Twitter (h/t @dbcurren). It shows manufacturing employment in the USA.  See that huge drop? That's the drain of manufacturing jobs to South East Asia.And see that uptick since 2010, that appears to be tailing off? That's the return of manufacturing jobs to the USA. What they call "reshoring".Reshoring is hype, isn't it?Related reading U.S. reshoring: over before it began? - ATKearney (pdf)

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