U.S. Manufacturing Expands to a Three-Year High: 5 Winners; Automation Will Drive the Next U.S. Manufacturing Boom; Analysis: Economic Update on the UK Manufacturing Industry; Manufacturing Recovery Strengthens in February.
U.S. Manufacturing Expands to a Three-Year High: 5 Winners
The U.S. manufacturing sector expanded yet again in the month of February. The sector has been performing well ever since the economy started reopening following the COVID-19 induced lockdown. February’s rise in manufacturing activity marks the ninth straight month of gains for the sector, according to the Institute for Supply Management (ISM).
One of the major reasons behind the rise is that people are spending a lot more on goods compared to services following the pandemic, as a result of which they are shelling out more on goods
Automation Will Drive the Next U.S. Manufacturing Boom
Last month, hot on the heels of his inauguration as the 46th President of the United States, Joe Biden announced his plans to strengthen the U.S. manufacturing sector in the midst of the worst economic downturn since the Great Depression. Dubbed the “Made in America” executive order, it outlines the various ways Biden intends to fuel economic recovery in the wake of the pandemic, including investing $300 billion in R&D and advanced technology, while creating a whopping 5 million jobs in manufacturing.
Analysis: Economic Update on the UK Manufacturing Industry
As part of a seminar programme in preparation for MACH 2022, listen to an economist give an update on the UK manufacturing industry.
Rhys Herbert, senior economist in the research department of Lloyds Bank Commercial Banking gave the seminar. Mr Herbert is responsible for analysing and forecasting trends in the UK and other major economies, with a special interest in the manufacturing sector.
Source: Production engineering solutions
Manufacturing Recovery Strengthens in February
With the new year shifting into gear, Australian manufacturing is following suit, with increased expansion on the back of the construction industry.
The Australian Industry Group’s Performance of Manufacturing Index has increased by 3.5 points to 58.8 in February with the stronger pace of recovery delivering the index’s highest monthly result since March 2018.
Source: Industry Update