Here’s a look at regional manufacturing reports from the past couple of weeks.
Singapore’s Gross domestic product shrank an annualized 1.4%in the three months through March 31 from the previous quarter, when it rose 3.3%, the Trade Ministry said today. Bloomberg reports that the city-state stuck to a policy of allowing gradual gains in its currency, even after the economy unexpectedly contracted last quarter, as inflationary pressures curbed scope for monetary stimulus.
South Africa’s February manufacturing production was disappointing, according to Bizcommunity.com. The country’s manufacturing production fell 3.1% month on month and 2.9% year on year‚ after a 3.7% year-on-year increase in January‚ Statistics SA data showed. Economists have warned that March could see another weak number.
“Overall‚ the (index) is once again signaling a contraction in manufacturing activity after a slight improvement in February. Rand weakness has not been sufficient in magnitude or duration to have a meaningful impact on manufacturing output‚” Stanlib economist Kevin Lings said.
New Zealand manufacturing grew at a slower pace in March, said TVNZ—although food processing near the end of the season and drought in the country’s North Island saw farmers send more livestock to the meatworks. The BNZ-BusinessNZ performance of manufacturing index fell 2.6 points to 53.4 in March from a 12-month high a month earlier, with food, beverage and tobacco still the most active sub-sector at 63.6. A reading above 50 indicates expanding activity, while a reading below 50 implies a contraction.
Reuters had an interesting piece on Mexico’s manufacturing community, focusing on the country’s move from sweatshops to high-tech manufacturing plants. The country is winning back U.S. import market share and an energetic new government promises deep economic reforms in pursuit of 6% annual growth.
Meanwhile, in the U.S. …
Southwestern Ohio is doing well, in no small part due to GE’s recent international orders for aircraft engines over the past 18 months. And Abbott Laboratories is building a $270 million manufacturing plant in Tipp City that will employ 240 and produce the Ensure and Glucerna drinks.
A bill touted as a way to boost Florida’s manufacturing sector by extending a sales tax break passed its first test in a state House panel, reports Bloomberg. The bill would exempt Florida manufacturers from paying a 6% sales tax on equipment purchases. The proposal is one of Republican Gov. Rick Scott’s main legislative goals for 2013.
Milwaukee’s manufacturing sector has expanded the past four months, according to the Institute for Supply Management-Milwaukee report compiled by Marquette University. The growth slowed in March, with an index reading of 51, down from 56.5 in February. The Business Journal reports that the auto sector will grow 4% this year and 5% in 2014, although that’s a far cry from the 19% explosion in 2012.
The new Advantage Kentucky Alliance Manufacturing Extension Partnership (AKA MEP) is April 5 at Western Kentucky University’s Center for Research and Development.
“Everyone benefits from a stronger economy, and manufacturing is at the forefront of driving our economic success,” said Kentucky Gov. Steve Beshear. “The Advantage Kentucky Alliance Manufacturing Extension Partnership offers exactly the type of collaborative effort we need to move our economy forward all across the Commonwealth.” More here.
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