Last updateFri, 23 Jun 2017 4pm


World Bank: Trade, Manufacturing to Boost 2017 Global Growth

The World Bank forecasts that global economic growth will strengthen to 2.7% in 2017 as a pickup in manufacturing and trade, rising market confidence, and stabilizing commodity prices allow growth to resume in commodity-exporting emerging market and developing economies.

According to the World Bank’s June 2017 Global Economic Prospects, growth in advanced economies is expected to accelerate to 1.9% in 2017, which will also benefit the trading partners of these countries. Global financing conditions remain favorable and commodity prices have stabilized. Against this improving international backdrop, growth in emerging market and developing economies as a whole will pick up to 4.1% this year from 3.5% in 2016. 

U.S. Adds 138,000 Jobs in May, Unemployment Rate Down to 4.3%

Total nonfarm payroll employment increased by 138,000 in May and the unemployment rate dropped to a 16-year low of 4.3%, the Department of Labor reported today. Economists were predicting an increase of approximately 180,000 jobs for the month. For April and May, the number of new jobs was revised downward by 66,000.

Most job gains in May occurred in health care and mining. Employment in other major industries, including construction and manufacturing, showed little change over the month. 

ISM: Manufacturing Expanded Modestly in May

According to the Institute for Supply Management (ISM), manufacturing expanded in May as the PMI registered 54.9%, an increase of 0.1% from the April reading of 54.8%, indicating growth in manufacturing for the ninth consecutive month.

“Comments from the panel generally reflect stable to growing business conditions, with new orders, employment and inventories of raw materials all growing in May compared to April. The slowing of pricing pressure, especially in basic commodities, should have a positive impact on margins and buying policies as this moderation moves up the value chain." Said Timothy R. Fiore, chair of the ISM manufacturing business survey committee. 

Fed Beige Book Reports Less Optimism in Some Regions

Most of the twelve Federal Reserve Districts reported that their economies continued to expand at a modest or moderate pace from early April through late May. The majority of Districts continued to report moderate growth in manufacturing activity and in most nonfinancial service sectors. Most energy sectors tended to modestly improve. A majority of Districts reported that firms expressed positive near-term outlooks; however, optimism waned somewhat in a few Districts. 

Texas Manufacturing Levels Reach Three-Year High

Texas factory activity increased at a faster pace in May, according to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, moved up eight points to 23.3, reaching its highest level since April 2014.

Other measures of current manufacturing activity also rose to levels not seen since mid-2014. The new orders index pushed up to 18.1, and the growth rate of orders index rose to 12.3, marking its fifth consecutive positive reading. The capacity utilization index moved up to 19.4, with roughly a third of firms noting increased utilization. The shipments index surged 15 points to 24.7, reaching a level not seen in nearly 10 years. 

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