Today’s New York Times defines the EPA’s rollout of new regulations as “a flood of government mandates that will strike particularly hard at the manufacturing sector.” With unemployment at 9.1% and manufacturers across the country already struggling, will President Obama step in and prevent the EPA from leveling even more job-destroying regulations?
- Manufacturing, Business Activity Drops In Dallas Region. The Federal Reserve Bank of Dallas reported that its monthly survey of Texas factory activity fell sharply in June. The Manufacturing Outlook Survey found that general business activity slumped to -17.5, down 10.1 from May. Negative numbers indicate contracting business activity, while positive figures indicate growth in the sector. The production index that measured conditions at 84 factories around Texas dropped to 5.6 from 12.7 in May, which the Dallas Fed interpreted as slower growth in the sector. (The Street, 6/27/11)
- Confidence Erodes Among Manufacturing In The Philadelphia Region. Manufacturing in the Philadelphia region unexpectedly contracted in June and Americans’ views on the economy’s outlook soured, signaling an erosion of confidence in the expansion. The Federal Reserve Bank of Philadelphia’s general economic index fell to minus 7.7, the lowest since July 2009, from 3.9 the prior month. Readings less than zero signal contraction. The Bloomberg gauge of economic expectations slumped to minus 31 this month, the weakest since March 2009, from minus 16. (Bloomberg, 6/16/11)
- Conditions For Manufacturers In New York Deteriorates. Conditions for New York manufacturers deteriorated in June, according to the Federal Reserve Bank of New York‘s Empire State Manufacturing Survey released Wednesday. The general business conditions index dipped for the first time since November 2010 below zero, falling 20 points to -7.79 from the previous report in May. The index dramatically disappointed economists’ expectations of a 12 reading for the index. In other distressing news, the new orders and shipments indexes also fell sharply, both below zero, with new orders registering a -3.61 reading and shipments coming in at -8.02. And in another darkening sign for the long-distressed labor market, the index for number of employees dropped 15 points to 10.2. (The Wall Street Journal, 6/15/11)