05242017Wed
Last updateWed, 24 May 2017 2pm

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Four Out of Ten Jobs Could be Lost to Automation by 2021

Automation is the new norm across sectors and will affect the bottom of pyramid so much so that four out of every 10 jobs globally would be lost due to this by 2021, experts say. As automation adoption increases, all high transaction and labor intensive jobs will take a hit. According to PeopleStrong CEO and founder Pankaj Bansal, there will be a visible change in the next 3-4 years, first major effects will be seen in the sectors like manufacturing, IT and ITeS and security services and agriculture. 


U.S. Durable Goods Orders Rose 1.7% in February

New orders for manufactured durable goods in February increased $3.9 billion or 1.7% to $235.4 billion, the U.S. Department of Commerce announced. This increase, up two consecutive months, followed a 2.3% January increase. Excluding transportation, new orders increased 0.4%. Excluding defense, new orders increased 2.1%.

Shipments of manufactured durable goods in February, up three of the last four months, increased $0.6 billion or 0.3% to $239.2 billion.

Inventories of manufactured durable goods in February, up three of the last four months, increased $0.8 billion or 0.2% to $385.1 billion. 

Kansas City Fed Shows Manufacturing At 6-Year High

Tenth District manufacturing activity strengthened further in March, and many indexes of expectations for future activity were at or near record highs. Most price indexes increased moderately. The month-over-month composite index was 20 in March, its highest reading since March 2011, up from 14 in February and 9 in March. Activity in both durable and nondurable goods plants increased. Most month-over-month indexes rose further in March. The production and shipments indexes increased considerably, while the new orders and order backlog indexes rose more moderately but remained high. The employment index moderated slightly from 17 to 13, and the new orders for exports index also eased. Both inventory indexes increased for the second straight month. 

Consumer Sentiment Reaches Highest Level Since 2000

The overall level of consumer sentiment remained quite favorable in early March due to renewed strength in current economic conditions as well as the extraordinary influence of partisanship on economic prospects. The current economic conditions component reached its highest level since 2000, largely due to improved personal finances.

Overall, the University of Michigan’s Consumer Sentiment Index reports, the sentiment data has been characterized by rising optimism as well as by rising uncertainty due to a partisan divide. Optimism promotes discretionary spending, and uncertainty makes consumers more cautious spenders. This combination will result in uneven spending gains over time and across products. 

U.S. Manufacturing Output Rose 0.5% in February

Industrial production was unchanged in February following a 0.1% decrease in January. In February, manufacturing output moved up 0.5% for its sixth consecutive monthly increase. Led by advances of more than 1% for nonmetallic mineral products, fabricated metal products, and machinery, the production of durables increased 0.6%. Mining output jumped 2.7%, but the index for utilities fell 5.7%, as continued unseasonably warm weather further reduced demand for heating. At 104.7% of its 2012 average, total industrial production in February was 0.3% above its level of a year earlier. 

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