01162017Mon
Last updateMon, 16 Jan 2017 4pm

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Texas Economy Poised to Shift into ‘Second Gear’ in 2017

Texas job growth should increase slightly from 1.6% in 2016 to about 2% in 2017, says Federal Reserve Bank of Dallas assistant vice president and senior economist Keith Phillips.

“Job growth picked up in the second half of 2016 due to a stabilization of the energy sector,” Phillips said. “With that positive momentum, the Texas economy enters 2017 poised to shift into ‘second gear.’”

The forecast of 2% job growth means Texas should add about 242,000 new jobs in 2017. The Dallas Fed’s current estimate for job growth in 2016 is 1.6%, or about 193,000 new jobs, pending the release of December state employment data. 


World Bank: U.S. Could Boost Global Economy in 2017

Global growth for 2017 is projected at 2.7%, 0.1% lower than the June 2016 forecast, and 0.4% higher than the estimate for 2016. Going forward, according to the World Bank, global growth is projected to pick up modestly, reaching 2.9% by 2018.

Downside risks to global growth include increasing policy uncertainty in major advanced economies and some emerging market and developing economies, financial market disruptions, and weakening potential growth. However, fiscal stimulus in key major economies—in particular, the U.S.—could lead to stronger-than-expected activity in the near term and thus represent a substantial upside risk to the outlook. 

Implementing Factory of the Future Will Reduce Conversion Costs 40%

Investments in the factory of the future will pay off, and industrial companies that begin implementation today will save up to 40% of their conversion costs in ten years. To succeed, however, manufacturers have to leverage the potential of modular production concepts and new technologies, as well as optimize their processes. These are the findings of the 2016 Factory of the Future Study, conducted by The Boston Consulting Group (BCG) and the Laboratory for Machine Tools and Production Engineering (WZL) at RWTH Aachen University.

More than 750 production managers from leading industrial companies worldwide took part in the study, which focused on the automotive, engineered products, and process industries. 

U.S. Factory Orders Down 2.4% in November

New orders for manufactured goods in November, down following four consecutive monthly increases, decreased $11.3 billion or 2.4% to $458.3 billion, the U.S. Department of Commerce reported. Economists polled by Reuters had forecast a 2.2% decrease in November.

New orders for manufactured durable goods in November, down following four consecutive monthly increases, decreased $10.8 billion or 4.5% to $228.8 billion, up from the previously published 4.6% decrease. This followed a 5.0% October increase. 

U.S. Added 156,000 Jobs in December, Unemployment Rate 4.7%

Total nonfarm payroll employment rose by 156,000 in December and the unemployment rate edged up 0.1% to 4.7%, the U.S. Department of Labor reported today. Wages are up 2.9% from a year earlier, the biggest increase in 7+ years.

In December, employment edged up in manufacturing (+17,000), with a gain of 15,000 in the durable goods component. However, since reaching a recent peak in January, manufacturing employment has declined by 63,000.

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