U.S. economy regaining speed as unemployment claims fall; manufacturing surges; How the global chip shortage is boosting US manufacturing; U.K. manufacturing orders and output price expectations reach highest levels since at least 1977; German business activity picks up in November, as price pressures hit record high -PMI.
U.S. economy regaining speed as unemployment claims fall; manufacturing surges
The number of Americans filing new claims for unemployment benefits fell close to pre-pandemic levels last week as the labor market recovery continues. The improving economic tone was matched by other data from the Philadelphia Federal Reserve on Thursday showing an acceleration in manufacturing activity in the mid-Atlantic region this month. Labor and raw material shortages persisted.
How the global chip shortage is boosting US manufacturing
The chip shortage is shining a new spotlight on the state of US manufacturing and how much of it has moved out of the country. Congress authorized $52 billion in subsidies for chipmakers in the CHIPS for America Act, but Congress has yet to actually appropriate the funds.
U.K. manufacturing orders and output price expectations reach highest levels since at least 1977
The latest CBI industrial trends survey found total order books rising to a net 26% from 9% in October, the highest level since at least April 1977. Expectations of price rises were the highest since May 1977, as the stock adequacy was the worst since at least April 1977. Intense supply-side challenges are putting pressuring on capacity to meet demand.
German business activity picks up in November, as price pressures hit record high -PMI
Growth in Germany’s private sector accelerated slightly in November, but persistent supply bottlenecks in manufacturing continued to weigh on factory output. IHS Markit’s flash Germany composite purchasing managers’ index rose to 52.8, a two-month high, from 52.0 in October. This was stronger than a Reuters poll of analysts who had predicted a decline to 51.0 in November