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US Factory Production Falls as Strikes Drive 10% Plunge in Autos
US factory production fell in October by more than expected, largely reflecting a strike-related pullback in activity at automakers and parts suppliers. Output decreased 0.7% last month, the most in four months, weighed down by a 10% drop in motor-vehicle production, Federal Reserve data showed. Excluding autos, manufacturing rose 0.1%. Total industrial production, which includes mining and utilities, fell 0.6%. Starting in September, the United Auto Workers union authorized targeted strikes against the Big Three Detroit automakers, disrupting production at the companies and at their suppliers. The UAW reached ... (full story)
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Chinese leader Xi Jinping suggested Wednesday that his country may lend more giant pandas to U.S. zoos in the future. Why it matters: With the departure of the National Zoo's ...
post: FED'S COOK: SMALL BUSINESS CONDITIONS, HOUSING SECTOR, LOWER-INCOME HOUSEHOLDS MAY BE SIGNALING BROADER STRESS AHEAD. post: FED'S COOK: THERE'S A RISK THAT CONTINUED DEMAND MOMENTUM COULD SLOW THE PACE OF DISINFLATION. post: COOK: FED'S RATE HIKES, BALANCE SHEET RUNOFF HAVE TIGHTENED U.S. FINANCIAL CONDITIONS, HELPED REDUCE INFLATION COOK: INCREASED MULTIFAMILY HOUSING SUPPLY WILL CONTRIBUTE TO THE EXEPECTED FURTHER REDUCTION IN INFLATIONCook: Global Linkages - Supply, Spillovers, and Common Challenges Thank you, Sylvain, and thank you for the opportunity to speak to you today.1 It is fitting and timely that today we are gathered here to talk about global linkages. It is fitting not only because we are beside the Golden Gate—where, just a few blocks away, one can marvel at the massive cargo ships making their way to port—but also because this conference has once again brought together scholars and friends from as far away as Shanghai, Atlanta, and Fontainebleau. And it is timely because the discussion of the ties that bind us is as important as ever. To start off this conference on global linkages, I am going to discuss supply shocks, policy spillovers, and common challenges faced by monetary policymakers in recent years and going forward. When the global pandemic hit in the spring of 2020, economies around the world shut down or sharply limited activity, especially for in-person services. Also, it quickly became apparent that shutdowns in any one economy were exacerbated by reduced availability of supplies from other economies. Policymakers around the world faced the common challenge of supporting incomes and limiting the scarring from temporary shutdowns in activity. The response was similar across countries: fiscal support, particularly to help those most in need, although the magnitude differed, in part because of differences in fiscal space. Initially aimed at preventing sharp financial and economic deterioration, monetary policy easing was later extended to support the nascent economic recovery. Policy rates were cut to or held near zero in both advanced and emerging market economies. A wide range of central banks also bought assets to support market functioning and provide stimulus once overnight policy rates hit their effective lower bounds. As economies gradually reopened, demand surged, especially for goods. But supply chains were slower to recover, leading to a global surge in inflation. That surge was followed by a further upswing in inflation after February 2022, when Russia's invasion of Ukraine caused a shock to global supplies of commodities, including oil and natural gas, food and fertilizers, and numerous manufacturing inp
Continuing applications for US unemployment benefits rose to the highest level in almost two years, underscoring the increasing challenges unemployed workers are facing in finding ...
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post: BOE'S MANN: LOW UK PRODUCTIVITY LIMITS THE POTENTIAL FOR GROWTH.
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Congress has once again narrowly averted a government shutdown, passing a stopgap funding measure that ensures the government will remain open until early 2024. But the bill ...
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- Posted: Nov 16, 2023 1:09pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,607
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