07162019Tue
Last updateTue, 16 Jul 2019 12pm

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Gross Domestic Product Up in First Quarter

Commerce Secretary Carlos M. Gutierrez released the following statement on the preliminary estimate of real gross domestic product (GDP), which showed that the American economy grew at a rate of 0.9% in the first quarter of 2008:

“While our economy is growing at a rate slower than we would like, it grew more than first estimated in the first quarter…”

Source: Dept. of Commerce

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U.S. Durable-Goods Orders Slip

Orders for U.S. durable goods fell in April but much less than expected, and a key barometer of business-equipment spending surged.

Durable-goods orders declined 0.5% to a seasonally adjusted $214.42 billion, the U.S. Commerce Department said. The drop was the fourth decrease in six months -- orders decreased a revised 0.3% in March -- and underscored continuing weakness in the manufacturing sector.

Source: Wall Street Journal

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Manufacturers to Put More Emphasis on Costs

U.S. industrial companies, which for years have touted their dedication to lean manufacturing operations, are increasing efforts to further cut production costs to offset soaring prices for raw materials like oil, chemicals and steel.

As companies struggle to maintain profit margins in an atmosphere where almost everything they use -- from oil to steel to plastics -- is more expensive, there is greater emphasis on thinking creatively and making more cuts.

Source: Reuters

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China’s New Formula: Manufacturers Begin to Move Beyond Low Cost

At a sprawling plant in Nanjing, engineers working for BASF are finalising ambitious plans. The site – a joint venture between the German chemicals manufacturer and Sinopec, the Chinese energy group – is set to receive $900m in investment, a scheme intended to boost output by 25% over the next three years

Source: Financial Times

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Industry Uses Simulation for Gained Efficiency, Increased Production to Meet Regulation, Oversight, Economic Conditions

Soaring energy prices, global competition, and shortages of skilled labor is resulting in greater pressure on process plants.

MYNAH Technologies is working closely with partners like Emerson Process Management, Schneider Electric, and others to solve these problems by making third-generation simulation a part of every plant automation project.

Source: MYNAH Technologies

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