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Last updateThu, 19 Sep 2019 4pm

President Bush to Lift Executive Ban on Offshore Drilling

The White House announced that President Bush will lift an executive order banning offshore oil drilling, a move aimed at stepping up pressure on Congress to end the prohibition it imposed in 1981.

Bush "has decided to lift the executive ban on oil exploration in America's Outer Continental Shelf," White House spokeswoman Dana Perino told a news briefing.

Source: Washington Post

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Product-Safety Reform in Tug-of-War

Modernizing and strengthening the Consumer Product Safety Commission is vital to improving everyday safety, consumer advocates say. The CPSC oversees more than 15,000 types of products but has been hamstrung by inadequate resources and authority, congressional critics charge.

Source: Market Watch

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Pessimism in US Over Prospects for Future Growth

Nearly 80% of senior executives at small and medium-size US manufacturing companies are pessimistic about the prospects for economic growth, according to a survey to be published tomorrow. Attitudes within the sector towards the benefits of globalization have also deteriorated markedly since last year.

Source: Financial Times

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Department of Labor Reports Big Job Cuts in Construction, Manufacturing for June

The U.S. lost 43,000 construction jobs last month, according to the June jobs report from the Department of Labor.

The net loss of 493,000 construction jobs since 2007 nearly equals the amount of jobs lost in the manufacturing industry — which is almost twice the size of the construction industry — during the same time period, according to the Bureau of Labor Statistics.

Source: Washington Business Journal

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Manufacturing Picks Up in June, ISM Survey Shows

The Institute for Supply Management reported Tuesday that its factory index rose to 50.2% in June from 49.6% in May.

Norbert Ore, who oversees the ISM survey and also serves as Georgia-Pacific Corp.'s procurement director, said manufacturing seems to be holding up "amazingly well."

Source: Market Watch

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