Posts for February 16, 2010

February 16, 2010

Last week's four economic reports were split, with two positive and two negative. However, the two negative reports were not too alarming. (To see all of last week's indicators, see the Latest Economic Reports section below.) Business inventories fell unexpectedly in December, which will likely result in the advanced estimate of 5.7 percent fourth-quarter GDP growth being revised down later this month. At the same time, inventory levels at the wholesale and retail trade levels of activity are very lean, meaning inventories will likely continue to rise with final demand in coming months.

On the international trade front, while the trade deficit widened in December mainly due to an increase in petroleum imports, the long-term trend continues to be favorable. As the chart above shows, U.S. exports of goods (green bars) outpaced imports (red bars) for much of the second half of last year. One of the reasons is that the global economic recovery is outpacing the U.S. recovery. Based on December's OECD Composite Leading Indicators (CLI) (see black line), this disparity is likely to continue into 2010, with Europe and Asia growing faster than North America. As a result, an export-led recovery will continue to aid the manufacturing sector in 2010.

Dave Huether

Chief Economist

National Association of Manufacturers

STAKER PARSON COMPANIES AWARDED UDOT PROJECT

February 16, 2010 – Utah Business

The Utah Department of Transportation (UDOT) recently awarded Staker Parson with a project that will place a chip seal coat along 10 miles of I-15 from Corinne to Elwood in Box Elder County. In addition to improving the road surface with a chip seal coat, Staker Parson will place a guardrail and rumble strip. They will also micro-surface the asphalt covering the rest area on the side of the freeway.
View Full Article at this link http://utahbusiness.com/issues/articles/9310/2010/02/staker_parson_companies_awarded_udot_project?from=c9508f1ad7192bf3948f06a2b7bfa048778fbbda

Staker Parson is a UMA member. Congratulations on being awarded the UDOT contract.

LIFETIME PRODUCTS FILES PATENT INFRINGEMENT COMPLAINT AGAINST THREE CHINESE COMPANIES

February 16, 2010 - PR Newswire

Lifetime Products, a manufacturer of blow-molded folding table and chairs, has filed a patent infringement complaint with the Shanghai No. 1 Intermediate People's Court for the People's Republic of China.
read more at this link http://utahpulse.com/featured_article/lifetime-products-files-patent-infringement-complaint-against-three-chinese-compani

Lifetime Products is a long-time UMA member.

BERNANKE OUTLINES PLAN FOR PULLING IN STIMULUS

February 16, 2010 – Late Wire from Manufacturing.net

Federal Reserve Chairman Ben Bernanke began to outline the central bank's strategy for reeling in stimulus money once the economic recovery is more firmly rooted ... continue at this link http://www.manufacturing.net/article.aspx?id=241282&wnnvz=1750,01296259880

BECKER'S NOMINATION TO THE NLRB FAILS

February 16, 2010 – Employers Council

In another setback to organized labor, Craig Becker's controversial nomination to the National Labor Relations Board (NLRB) failed in the Senate on a 52-33 vote. The nomination required 60 votes to proceed to a final vote. Two Democrats – Ben Nelsen (Nebraska), and Blanche Lincoln (Arkansas) – voted against the nomination. Richard Trumka, president of the AFL-CIO, is already pushing the administration to give Becker a recess appointment, which would put Becker on the NLRB without a hearing.

Given widespread opposition to Becker (labor's preferred nominee), the President will likely begin a new search for a more palatable candidate. Stay tuned for updates. For more information on the NLRB, union membership statistics, and an EFCA update, see our Winter 2010 Labor Lines Quarterly which was sent to members last week.

JOBS BILL: BAIT AND SWITCH?

February 16, 2010 – Late Wire from Manufacturing.net

Critics claim new jobs bill won't clarify economic uncertainty or stimulate job growth ... continue at this link http://www.manufacturing.net/article.aspx?id=241272&wnnvz=1750,01296259880

THE POWER OF TRIAL LAWYER LOBBYING

February 16, 2010 – Flagg Communication Weekly

The Manhattan Institute’s latest contribution to its “Trial Lawyers, Inc.” series was released last week. The Center for Legal Policy’s report, “Trial Lawyers Inc.: K Street,” outlines the economic costs the litigation industry imposes on the United States, the political and lobbying activities at the state versus federal level, and the recent aggressive lobbying of Congress. In his introduction, Director James Copland notes that the litigation industry’s rise has faced challenges, “And four key members of our original ‘Trial Lawyers, Inc.’s ‘leadership team’ have left the business altogether: federal prosecutors uncovered bribery and kickback schemes that led to the imprisonment of Dickie Scruggs, Bill Lerach, and Mel Weiss; and former U.S. Senator John Edwards has retreated from the public scene in ignominy.”

Copland concludes: “But make no mistake: trial lawyers are reacting to recent setbacks not by licking their wounds but by flexing their political muscle. Newly enlarged Democratic majorities—swept into office by financial crisis, disaffection with the war in Iraq, and enthusiasm for ’hope and change’—seem intent on rewarding their political benefactors. I hope that this report, by shedding light on their shenanigans, can help stem the damage.” The news coverage and online presentation announcing the report is available here with Sen. Jeff Sessions, former U.S. Attorney General Ed Meese and Victor Schwartz of Shook, Hardy and Bacon.