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Last updateWed, 25 Nov 2020 4pm

U.S. Unmoved by Imminent Loss of Industry Top Slot

The news that China is about to take over the top slot in global manufacturing from the US may cause only a ripple of surprise among Americans: many of them erroneously assume that the country lost the dominant position long ago.

According to projections by Global Insight, a US-based consultancy, the US this year will cling on to its long-time number one position in world manufacturing production, a place it has occupied for more than 100 years.

Source: Financial Times

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U.S. June Machine Tool Demand Up From Year Ago

Demand for the machine tools that shape metal for products, such as car engines and refrigerators, rose in June from a year ago.

U.S. June machine tool demand rose 2% to $360.43 million from $353.40 million a year earlier in June 2007, the American Machine Tool Distributors' Association (AMTDA) and the Association for Manufacturing Technology (AMT) said in a joint report.

Source: Reuters

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Manufacturing Activity Flat in July: ISM

U.S. factory activity held up to stand unchanged in July from June, managing to defy forecasts of a contraction and showing inflation pressures moderating, according to The Institute for Supply Management (ISM).

ISM said its index of national factory activity edged down to 50.0 from 50.2 in June.

Source: Reuters

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G.D.P. Grows at Tepid 1.9% Pace Despite Stimulus

The economy grew less than expected from April to June despite a huge booster shot of tax rebates, dimming the outlook for a quick recovery.

And more bad news may lie ahead: new claims for unemployment benefits jumped to a five-year high last week, an ominous sign for the ailing labor market that could signal a further decrease in spending in the months ahead.

Source: New York Times

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