$1.3 Billion Modern Manufacturing Initiative Starts; U.S. Factory activity Cools; Cost Pressures Mounting; £8 Million Government Boost For Manufacturers Across England to Go Digital; From One Economist to Another: Manufacturing Needs to Be Understood, Not Saved;
$1.3 Billion Modern Manufacturing Initiative Starts
The federal government’s investment to super-charge manufacturing and grow jobs is now open to businesses, with applications sought under the $1.3 billion Modern Manufacturing Initiative (MMI).
Businesses with projects in the space sector are the first to be able to apply for grants to help them commercialise ideas or processes, or integrate into global supply chains.
Source: Manufacturers Monthly
U.S. Factory activity Cools; Cost Pressures Mounting
U.S. factory activity slowed in early February likely as a global semiconductor chip shortage hurt production at automobile plants, while prices of inputs and manufactured goods soared, which could heighten fears of strong inflation growth this year.
The report from data firm IHS Markit on Friday also showed businesses in the services industry were experiencing higher costs related to the procurement of personal protective equipment, a greater proportion of which they were passing on to clients “through a marked rise in selling prices.”
£8 Million Government Boost For Manufacturers Across England to Go Digital
New £8 million government funding for small and medium sized enterprises (SMEs) to help them modernise, go digital and create new jobs.
The funding, part of the government’s Made Smarter Adoption programme, will support up to 1,000 small and medium sized manufacturers, across the North West, North East, Yorkshire and the Humber and the West Midlands regions, in adopting digital technology.
From One Economist to Another: Manufacturing Needs to Be Understood, Not Saved
The assertion by The Australian newspaper for it to be ‘too late to save manufacturing’ is grounded in a lack of understanding. First, in what is manufacturing. Second, in how it is measured, and third in how it has evolved.
Manufacturing is not a sector. It is a capability. Manufacturing cuts across other sectors, and is often confused with production. However, manufacturing involves seven steps along its manufacturing value chain: Research and Development (R&D), design, logistics, production, distribution, sales and services.
Source: AU Manufacturing