Week 14 in Manufacturing News
U.S. Manufacturing Best Since 1983: ETFs to Win; Make UK: UK Manufacturing to See a Sharp Boost in Investment; German Manufacturing Orders Up More Than Expected; Australian Manufacturing Fund Opens for Recycling and Clean Energy.
U.S. Manufacturing Best Since 1983: ETFs to Win
U.S. manufacturing activity sprung up in March, recording an index reading of 64.7 from 60.8 in February, in a sign that the worst of the COVID-19 economic crisis is probably over. The ISM Manufacturing PMI for the United States was the highest last month since December 1983. Manufacturing makes up about 11.9% of the U.S. economy.
“Manufacturing performed well for the 10th straight month, with demand, consumption and inputs registering strong growth compared to February. Labor-market difficulties at panelists’ companies and their suppliers persist. End-user lead times (for refilling customers’ inventories) are extending due to very high demand and output restrictions as supply chains continue to recover from COVID-19 impacts,” said Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.
Make UK: UK Manufacturing to See a Sharp Boost in Investment
Offering 130 per cent first-year relief on qualifying main rate plant and machinery investments between April 1, 2021 and March 31, 2023, latest findings from a Make UK survey identified that the ‘super-deduction’ tax incentive is expected to provide a sharp boost to investment for manufacturers in 2021.
“The Budget has made a clear impact on manufacturers in terms of confidence and they are stepping up their plans to invest in response. For too long the UK’s investment performance has been below par and the incentive should provide a boost in the short-term at least,” commented Verity Davidge, Director of Policy at Make UK.
Source: Manufacturing Global
German Manufacturing Orders Up More Than Expected
German manufacturing orders rose by more than expected in February, federal statistics office Destatis said Thursday.
Manufacturing orders grew 1.2% on month in February in adjusted terms after a revised 0.8% increase in January, according to Destatis. Economists polled by The Wall Street Journal had expected February orders to grow 1.0% on month.
New orders in February were 5.6% higher in seasonally and calendar-adjusted terms compared with February 2020, the month before restrictions were first imposed in Germany due to the coronavirus pandemic.
Australian Manufacturing Fund Opens for Recycling and Clean Energy
Recycling and clean energy projects are now eligible for grants from the government’s $1.3 billion manufacturing fund, with a 10-year roadmap for the sector also released.
The addition of recycling and clean energy projects – the last of six ‘priority areas’ eligible under the government scheme – marks an end to the effective reannouncement of the Modern Manufacturing Initiative (MMI) each week with the addition of each sector and their roadmap.