October 27, 2011

ECONOMY GREW 2.5 PCT. IN Q3 AS CONSUMERS REBOUND

Today in Manufacturing
While 2.5 percent growth might be enough to ease recession fears among economists, it's far below what's needed to lower painfully high unemployment ... continue

FEATURE: GENERATION Y
Today in Manufacturing
The opportunities that digital technologies provide are forcing businesses and marketers to rethink strategies for successful product development and manufacturing ... continue

CLAIMS FOR UNEMPLOYMENT AID DIP BUT REMAIN HIGH
Today in Manufacturing
Despite the recent declines, applications are stuck above 400,000, where they have been for all but two weeks since March ... continue

U.S. MANUFACTURERS SEE SALES GROWTH AHEAD, BUT UNCERTAIN ABOUT ECONOMY
Quick Manufacturing News
PwC survey shows 75% expect their companies to grow over the next year. Click to continue

CONSUMERS READY TO SPEND ON TECH
Quick Manufacturing News
Consumer confidence in technology reached its highest level of the year in October, according to the latest data release from the Consumer Electronics Association. Click to continue

CRUDE OIL DROPS MORE THAN THREE PERCENT ON LARGER-THAN-EXPECTED SUPPLY GAINS
Bloomberg News
According to the Bloomberg News crude oil prices "dropped the most in more than three weeks after a government report showed a larger-than- projected gain in US stockpiles and amid concern that European debt-crisis talks are stalling." Crude oil for December delivery lost $2.97, or 3.2 percent, to settle at $90.20 a barrel on the New York Mercantile Exchange, the contract's biggest drop since Sept. 30. Futures fell after the Energy Information Administration said that crude inventories rose by 4.74 million barrels to 337.6 million last week, which is "more than triple the gain estimated by analysts surveyed by Bloomberg News."

SEPTEMBER DURABLE GOODS ORDER ROSE IN US
Bloomberg News
"Orders for US durable goods other than transportation gear rose in September by the most in six months, indicating manufacturing will help sustain an economy hobbled by 9.1 percent unemployment. Demand for goods meant to last at least three years, excluding airplanes and automobiles, climbed 1.7 percent, according to figures from the Commerce Department."

MANUFACTURERS URGE HOUSE TO REPEAL WITHHOLDING TAX
National Association of Manufacturers
Senior Vice President for Policy and Government Relations Aric Newhouse issued a statement in support of passage of HR 674, legislation to repeal the provision that requires federal, state and local government agencies to withhold three percent of their payments to businesses for goods and services. "The House has the opportunity to halt the ill-advised 3 percent withholding requirement that threatens jobs, competitiveness and investment for manufacturers. By essentially forcing companies to make an interest-free loan to the government, this requirement would increase the cost of doing business for thousands of manufacturers, leading to the loss of much-needed cash flow for business operations and job creation at a time when it is important to put Americans back to work."

Newhouse said, "Permanent repeal of this provision will begin to restore confidence and certainty for manufacturers, which is critical for economic growth, job creation, and the ability to compete in the global marketplace. We urge all members of the House to vote to defend jobs and pass this bill. It's critical to all manufacturers that we lift the tax burden from job creators so that they may invest in themselves and continue to lead the American economy."

MANUFACTURERS ENCOURAGED BY HOUSE TAX WRITERS' PLAN TO REFORM INTERNATIONAL TAX SYSTEM
National Association of Manufacturers
Vice President for Tax and Domestic Economic Policy Dorothy Coleman issued a statement in response to House Ways and Means Committee Chairman Dave Camp's (R-MI) release of a draft proposal to set up a territorial tax system. "The NAM has long called for tax reform that moves America to a territorial tax system like those used by other industrialized countries. Reducing taxation on the foreign income of US-based businesses is a building block of the NAM blueprint for creating a dynamic environment that supports job creation and economic growth here in America."

Coleman said, "We look forward to reviewing the proposal with our members and providing input to the committee on a proposal that will allow worldwide American companies to be more competitive. If US companies cannot compete abroad, where 95 percent of the world's consumers are located, the US economy will suffer from the loss of both foreign markets and domestic jobs that support foreign operations."