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White House Names Manufacturing Adviser

President Obama has named Ron Bloom as the administration’s senior counselor for manufacturing policy, the White House said Sunday night. The announcement came ahead of Mr. Obama’s planned remarks at the A.F.L.-C.I.O.’s annual Labor Day picnic in Cincinnati.

 

Source: New York Times

 

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July Construction Spending Decreases 0.2%

US construction spending unexpectedly fell by 0.2% in July to its lowest level since February 2004 as private nonresidential construction fell for the third consecutive month and public construction saw its first decline since January, the Commerce Department reported today.

 

Economists were expecting spending to be unchanged in the month after rising 0.3% in June, which has since been revised down to a 0.1% rise.

 

Source: Reuters

 

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Economy Gets Lift from Stimulus

Government efforts to funnel hundreds of billions of dollars into the U.S. economy appear to be helping the U.S. climb out of the worst recession in decades.

 

But there's little agreement about which programs are having the biggest impact. Some economists argue that efforts such as the Federal Reserve's aggressive buying of Treasury debt and mortgage-backed securities, as well as government efforts to shore up banks, are providing a bigger boost than the administration's $787 billion stimulus package.

 

Source: Wall Street Journal

 

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US Manufacturing Returns To Growth

New figures show that the US manufacturing sector grew in August after 18 consecutive monthly falls.

 

The Institute of Supply Management said its index of the factory sector, also known as the purchasing managers' index, jumped to 52.9 from 48.9 in July. Any number above 50 indicates growth. The figure was stronger than the average economist estimate of 50.5.

 

Source: RTE

 

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Factories Produce a Rare Item: Good News

So far, signs of economic recovery have mainly involved indicators getting less bad. The factory sector might soon produce one that actually looks pretty good.

 

The Institute for Supply Management is to release its index of manufacturing activity for August on Tuesday morning. Economists think the ISM rose to 50.5 from 48.9 in July. Any reading above 50 indicates an expanding factory sector.

 

Source: Wall Street Journal

 

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