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U.S. Manufacturing CEOs More Confident Than Global Peers

More than 9 in 10 U.S. manufacturing CEOs are confident their companies are keeping pace with technology disruption and innovation, according to the 2018 KPMG Global Manufacturing Outlook. Conversely, only 2/3 of global manufacturing CEOs express that same level of confidence in their innovation journeys, and 34% admit they are struggling to keep pace.

When asked what the greatest risk was facing their organizations' growth, U.S CEOs most frequently cited operational risks (63%), while global CEOs most frequently cited a return to territorialism (i.e. U.S renegotiating NAFTA, U.K. leaving EU) (55%). Cyber security concerns ranked highly for both U.S. and global CEOs at 47% and 37% respectively. 


President Orders $200 Billion More in Chinese Tariffs

President Trump has ordered the U.S. Trade Representative (USTR) to begin the process of imposing tariffs of 10% on an additional $200 billion of Chinese imports. This is, the USTR argues, “an appropriate response under the authority of Section 301 to obtain the elimination of China’s harmful industrial policies.”

The full list of these new tariffs can be viewed here.

Texas Manufacturing Expands, Outlook Improves

The expansion in Texas factory activity continued in June, albeit at a slower pace than in May, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, declined 12 points to 23.3, signaling a deceleration in output growth. Perceptions of broader business conditions were even more positive in June than in May.

Some other indexes of manufacturing activity also indicated slower growth in June. The capacity utilization and shipments indexes posted double-digit declines, falling to 21.7 and 25.5, respectively. However, demand improved further in June as the new orders index edged up to 29.6, its highest level this year. 

“Trade War” with China Officially Begins

“U.S. tariffs on $34 billion worth of Chinese goods kicked in on Friday, escalating a war of words between the world's two largest economies into a full-blown trade conflict,” CNBC  reports.

“Washington's 25% duties went into effect at midnight EDT and affected products such as water boilers, X-ray machine components, airplane tires and various other industrial parts. China immediately implemented retaliatory tariffs on its $34 billion list of goods issued last month.”

U.S. Adds 213,000 Jobs in June

Total nonfarm payroll employment increased by 213,000 in June, and the unemployment rate rose to 4.0%, the U.S. Department of Labor reports. Job growth occurred in professional and business services, manufacturing and health care, while retail trade lost jobs.

Manufacturing added 36,000 jobs in June. Durable goods manufacturing accounted for nearly all of the increase. Over the past year, manufacturing has added 285,000 jobs.

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