08152018Wed
Last updateTue, 14 Aug 2018 7pm

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Manufacturers Step on the Brakes

The U.S. manufacturing recession steamrollered through the third quarter, setting the stage for one of the worst global recessions in recent history, according to a report released Monday by the Manufacturers Alliance/MAPI, which tracks 27 industries.

"There was a sudden and acute acceleration of the decline in the industrial sector in September and October," said report author Daniel Meckstroth, the trade group's chief economist.

Source: Star Tribune (MN)

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Op-Ed: Can US Manufacturing Industry Be Saved?

Oil has plunged to $48 a barrel. California Gov. Arnold Schwarzenegger has declared a fiscal emergency in the Golden State. President George W. Bush has said he is sorry the economic crisis is occurring. And all the while, Federal Reserve chairman Ben Bernanke says the crisis - that has witnessed spiking unemployment and a sharp down turn in production - "is no comparison" to the Great Depression.

Source: The Bulletin (PA)

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Rep. Becerra Offered Trade Representative Post

Rep. Xavier Becerra , D-Calif., has been offered the post of U.S. Trade Representative in the incoming administration of President-elect Barack Obama , according to Democratic sources.

Becerra is weighing whether to give up his House seniority and newly won spot as vice chairman of the Democratic Caucus to take the Cabinet-level post, a source close to the Congressional Hispanic Caucus said. But another Democratic source said the job has been offered and accepted.

Source: Congressional Quarterly

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Survey Says Texas Manufacturing Outlook is Bleak

Texas manufacturers are painting a bleak picture of current and future factory activity in the nation's No. 2 state for production.

A Federal Reserve Bank of Dallas survey released Monday said Texas businesses are reporting sharp drops in most indicators of current activity. And nearly two-thirds of the 101 firms responding to the November Texas Manufacturing Outlook Survey said their evaluation of general business activity had worsened.

Source: Associated Press

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