WASHINGTON—The Manufacturers Alliance for Productivity and Innovation announced that its quarterly index of manufacturing activity advanced to 58 in June from 56 in March. It was the second straight quarterly advance after 10 consecutive quarterly declines. For the past 15 quarters, the index has remained above the threshold of 50, the dividing line separating contraction and expansion.
WASHINGTON—The purchasing managers index for manufacturing rose to 50.9 in June, up 1.9 points from May. According to the Institute for Supply Management, a PMI reading above 50 indicates expansion, while one below reflects contraction.
In The Great Gatsby, the central character is captivated by a green navigational beacon off in the distance that gives him eternal hope. Although Jay Gatsby wasn’t thinking about assembly lines, manufacturing has a similar green light and assemblers are equally optimistic these days.
Back in July 2008, we were thrilled when Volkswagen announced it was building a new assembly plant in Chattanooga, TN. Of course, any new assembly plant is big news to us, but a new automotive plant? Well, that’s peaches and cream, as a British friend likes to say.
WASHINGTON—U.S. worker productivity grew a modest 0.5 percent rate from January through March after having declined in the previous quarter. Weak productivity growth could boost hiring if consumers and businesses spend more.
WASHINGTON—Claims for unemployment benefits fell more than expected last week, pointing to further modest improvement in the job market. Approximately 334,0000 people filed for their first week of jobless benefits last week, 12,000 fewer than a week earlier, the Department of Labor said. It was the lowest level since early May, and slightly better than the 345,000 claims economists had expected.
DETROIT—From January through May, automakers and parts companies hired 8,000 workers, a relatively slow rate. But the pace is picking up. The Center for Automotive Research expects the industry to add 35,000 jobs over the full year.
MILWAUKEE—U.S. employers reported a boost in confidence as the percent of employers planning to add staff, 22 percent, has reached a four-year high, according to the latest Manpower Employment Outlook Survey.
