by Ireland Owens Steven Madden said Thursday that it is accelerating plans to shift production out of China in anticipation of President-elect Donald Trump introducing increased tariffs on imported goods when he returns to office, according to Bloomberg. The New York-based retailer said in a company earnings call Thursday…
Read More
Financialization: “A pattern of accumulation in which profit making occurs increasingly through financial channels rather than through trade and commodity production.”
– Greta Krippner, Economic Sociologist, University of Michigan
There are plenty of examples of how America’s economy shifted from a production-based economy to a financially-based economy over the past forty years. Starting around 1980, with the economies of post-World War II Europe and Japan fully rebuilt and roaring, and emerging Asian economies turning into powerhouses of manufacturing as well, America chose financialization as an alternative to rising up to meet the competition.
Read More
United Airlines CEO Scott Kirby said Tuesday that the company is making a plan to move forward without Boeing after the manufacturing company grounded its MAX 9 planes, according to CNBC.
Boeing has suffered a series of problems in the last several weeks after multiple planes had major mechanical and structural errors, forcing the company to ground all Max 9 aircraft with door plugs. Kirby told CNBC that the decision to ground the aircraft was the “straw that broke the camel’s back” for United.
Read More
The index for New York state’s general business conditions fell by 29 points to -43.7 for January, with a negative number indicating a contraction, declining to the lowest point since May 2020 when the state was struggling with the COVID-19 pandemic, according to a new survey from the Federal Reserve of New York.
Accompanying the decline and contraction in general business conditions, shipments fell 25 index points, the number of unfilled orders remained high at -24.2 index points and the amount of inventory held shrank to -7.4 index points, according to the Empire State Manufacturing Survey conducted between Jan. 3 and 10. Despite poor current conditions, optimism about future activity levels by businesses increased, with the index rising 7 points but still remaining relatively low at 18.8 points, indicating that businesses expect an economic expansion in the coming months.
Read More
New state economic data released Thursday shows that China is facing headwinds in its effort to revive its struggling economy, according to The Wall Street Journal.
China struggled in August with low manufacturing activity, exports and consumer spending, adding more negative factors to the Chinese economy, which is already facing a fumbling real estate market, according to the WSJ. The new data from China follows disappointing economic growth for the country in the second quarter of 2023, with the Chinese economy only growing 0.8% for the quarter as opposed to 2.2% in the first, totaling 6.3% for the year.
Read More
Daesol Ausys, a South Korean automotive supplier, announced Tuesday it will invest $72 million to establish a new manufacturing facility in Harris County.
Read More
South Korean company Duckshin Housing announced this week it will invest more than $15 million to establish its first U.S. manufacturing presence in Athens.
Read More
PVS Plastics Technology Corporation officials recently announced that the company will invest $6.9 million to establish its second U.S. facility in Johnson City.
PVS, which describes itself as an “environmentally friendly plastics company,” is based in Niedernhall, Germany. The company specializes in manufacturing electric motor and fan components for the automotive and commercial HVAC industries.
Read More
Woory Industrial Company, Ltd., an automotive parts manufacturer, recently announced that it will establish a new manufacturing facility in Dublin as its first U.S. manufacturing location.
Woory is a Korea-based company that develops and produces HVAC auto components for all types of vehicles, including electric and internal combustion engine vehicles, and eco-friendly and hydrogen-fueled cars.
Read More
The world paid little attention when the leaders of North America met in a summit in Mexico City last month, but what they decided was momentous. President Biden, Mexican President Lopez-Obrador and Canadian Prime Minister Trudeau agreed to build on President Trump’s 2020 trade agreement to find new ways to integrate their economies, boosting manufacturing and significantly reducing reliance on Asia.
Read More
A global cable and robotic machinery manufacturer plans to spend more than $30 million to build a new Cherokee County manufacturing facility, but it’s unclear whether Georgia taxpayers will be on the hook for any incentives.
Read More
Private companies added 127,000 jobs in November, missing investor expectations by more than 70,000 to post the worst result since January 2021, according to private payroll firm ADP and CNBC Monday.
The addition represented a sharp decline from the 239,000 new jobs reported by the firm in October. Industries that were most directly impacted by higher interest rates, such as construction, were hit the hardest by job cuts, while consumer-facing industries, such as hospitality, largely weathered the storm, according to ADP.
Read More
Several manufacturing and business leaders are concerned about how inflationary pressures are hurting businesses through heightened input and transportation costs.
Participants at a round table event on Capitol Hill Thursday said that inflation has increased the cost of raw materials, making it harder for manufacturers to obtain what they need to do business.
Read More
Titan Steel Door will invest $11 million in northeast Georgia to create a new manufacturing facility, according to a release from Governor Brian Kemp.
The new project will establish a 145,000 square feet building and create more than 90 Jobs in Hart County, based on projections released by Kemp’s office.
Read More
The global chip shortage is beginning to impact consumers, driving up prices of smartphones, vehicles and personal electronics as manufacturers struggle to keep up with rising demand.
“We’re seeing 5% to 10% price increases right now,” Glen O’Donnell, vice president and research director at Forrester, told the Daily Caller News Foundation. “They will increase more as this issue drags on.”
Semiconductors, the internal components essential to the functioning of almost every electronic device, have been in short supply since early 2020 due to high consumer demand of mobile electronics cloud services, and other products that require computer chips, according to O’Donnell. The COVID-19 pandemic exacerbated the problem by stalling semiconductor production and disrupting supply chains, with demand for consumer electronics only skyrocketing due to more people working from home.
Read More
Georgia officials have announced that economic development projects throughout the state during fiscal year 2021 have delivered record-setting jobs and investments. This, according to a press release that Georgia Gov. Brian Kemp and officials with the Georgia Department of Economic Development (GDEcD) published this week.
Read More
Economists expect inflation to “accelerate strongly” in the coming weeks and months, but said consumer prices would eventually moderate.
The consumer price index (CPI), a common measure for inflation, is expected to rise 2.8% in 2021 and 2.3% in 2022 compared to the 1.2% increase that occurred in 2020, according to economists surveyed by the National Association for Business Economics (NABE).
The projection, released Monday, reflected the Federal Reserve consensus that inflation will heat up by the end of the year before cooling down as the economic recovery continues.
Read More