US manufacturing soars to 3-year high; construction spending jumps

The pace of growth in the U.S. manufacturing sector rose in August to its highest level since March 2011, according to an industry report released on Tuesday.

The Institute for Supply Management (ISM) said its index of national factory activity rose to 59.0 from 57.1 the month before. The reading topped expectations of 56.9, according to a Reuters poll of economists. A reading above 50 indicates expansion in the manufacturing sector. The employment gauge slipped slightly to 58.1 from 58.2, below expectations for a read of 58.4. The new orders index rose to 66.7, up from 63.4 and marking its highest level since April 2004. The gauge of prices paid fell to 58.0 from 59.5, in line with expectations.

Construction rallies

 

Separately, data showed construction spending rebounded strongly to hit its highest level in more than 5-1/2 years in July as private construction increased and state and local government outlays surged, a further sign of vigor in the economy.

Construction spending increased 1.8 percent to an annual rate of $981.31 billion, the highest level since December 2008, the Commerce Department reported. July’s percentage increase was the largest since May 2012 and reflected gains across all categories, with the exception of federal government.  It followed June’s revised 0.9 percent decline.

Economists polled by Reuters had forecast construction spending increasing 1.0 percent after a previously reported 1.8 percent drop in June.

Construction spending in July was buoyed by a 3.4 percent jump in state and local government projects, which lifted outlays to their highest level since June 2012. The increase in state and local government outlays, which was the largest since April 2013, offset a 1.1 percent drop in spending by the federal government on construction projects.

Private construction, the largest portion of construction spending, advanced 1.4 percent to its highest level since November 2008. Private residential construction spending gained 0.7 percent as housing starts rebounded.

The housing market recovery is back on track after stagnating from the second half of 2013 in the wake of a spike in mortgage rates and higher home prices amid a stock shortage.

Part of the increase in private residential construction spending reflected home improvements.

Investment in private nonresidential structures such as factories and gas pipelines jumped 2.1 percent in July to its highest level in five years.

 

By Reuters – Tuesday, 2 Sep 2014 | 10:00 AM ET

Economic News

Job Openings, Hires At Highest Levels In Years.

The AP (9/10) reports that in “signs the job market is slowly healing,” the number of job openings has “remained near the highest level in 13 years in July,” according to the Labor Department. The department also noted that companies hired workers at “the fastest pace in nearly seven years” during the same month. The number of jobs available in July “ticked down 2,000 to 4.673 million” due to a decline in government job openings, while businesses advertised more jobs in July than in June. Total hiring “jumped 81,000 to 4.87 million, the highest level” since the recession began in 2007, meaning “companies are more likely to fill their open jobs.” The numbers indicate “the job market is making progress” despite last week’s report.

Surge In Manufacturing Hiring Expected This Fall In Best Cities For Jobs.

Forbes (9/9) reports that Dallas has made the top of the list of some of the best cities for jobs this fall. The ManpowerGroup’s Employment Outlook Survey listed strong growth in manufacturing among the reasons for the top ranking of the city. Other cities making the top of the list for expected increases in manufacturing hiring are: Houston and McAllen, Texas; Phoenix, Arizona; and San Jose, California.

Oregon Business Activity Index Expands To 0.12 Thanks To Manufacturing Activity.

The Oregonian (9/10) reports that a University of Oregon monthly economic update shows that Oregon’s manufacturing climbed to a reading of 0.12 in July, based in large part on hiring and other activity in the manufacturing sector. Readings above zero indicate that business activity is growing at a faster-than-normal rate.

 

From SME Daily Executive Briefing 9/10/2014

FABTECH 2014 has Georgia on Its Mind

North America’s Largest Metal Forming, Fabricating, Welding and Finishing Event will be Held at Atlanta’s Georgia World Congress Center on November 11-13, 2014 

(ATLANTA, July 28, 2014)     FABTECH is flying south for November! North America’s largest metal forming, fabricating, welding and finishing event is expected to attract over 27,000 attendees and 1,400 exhibiting companies to the Georgia World Congress Center in Atlanta on Nov. 11-13.

FABTECH exhibits will include live equipment demonstrations, offering visitors the unique opportunity to see, touch and compare products side-by-side and find cost-saving solutions. Special events at FABTECH 2014 will include (partial list): a keynote presentation on “Creating U.S. Jobs and Bringing Manufacturing Back Home” by Walmart VP for U.S. Manufacturing Cindi Marsiglio; a special panel discussion on “Bridging the Manufacturing Skills Gap with Veterans” to be held on Veterans Day (Nov. 11); a keynote speech by former Pittsburgh Steeler great Rocky Bleier; and a special FABTECH Industry Night at the new College Football Hall of Fame in Atlanta.

This year’s FABTECH expo comes against the backdrop of the continued resurgence of manufacturing in the U.S. Recent data shows that manufacturers contributed $2.08 trillion to the economy in 2013, up from $2.03 trillion in 2012. Offering a one-stop shop to source the best products and services from the U.S. and all over the world, FABTECH is an invaluable resource to the continued growth of the sector.

“With 14 million pounds of equipment over 500,000 net square feet of floor space, FABTECH 2014 will be more than 25 percent larger than it was in 2010, the last time the show was held in Atlanta,” said John Catalano, show co-manager at SME. “We’ve had record numbers of attendees at each of our last two shows in Chicago and Las Vegas because there is simply no better way to see new products and technologies than at FABTECH.”

Simultaneously, FABTECH will once again host an educational program designed to enhance attendees’ careers and businesses.

“Beyond the world-class exhibits at this year’s show, attendees can add to their FABTECH experience by registering for more than 100 educational sessions and expert-led presentations,” said Mark Hoper, show co-manager at Fabricators & Manufacturers Association International. “These sessions have become extremely popular, so we encourage attendees to sign up early if they are interested in learning more about the latest industry trends and technology in the metal forming, fabricating, welding and finishing industries.”

To find out more about FABTECH and to register, visit the FABTECH attendee registration page. For more information about exhibiting at FABTECH, contact a sales representative.

FABTECH has made it easy to stay updated on show news and the latest news on manufacturing, as well as to engage with industry professionals before, during and after the event. Connect with FABTECH on Twitter, LinkedIn, Facebook and YouTube by visiting its social media page. You can also read more about industry news and FABTECH events on the FABTECH blog.

About FABTECH’s Co-Sponsors
The five FABTECH co-sponsors represent a wide variety of expertise and include: the American Welding Society (AWS), the Fabricators & Manufacturers Association International (FMA), the Precision Metalforming Association (PMA), the Chemical Coaters Association International (CCAI) and SME. Together, these associations bring unmatched technical proficiency and industry insight to the 2014 FABTECH exposition. Read more about FABTECH’s co-sponsors here.

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 If you have questions about the press release or need additional information, please contact SME Public Relations at communications@sme.org.

– See more at: http://www.sme.org/2014-FABTECH-has-Georgia-on-its-mind/#sthash.77geSNJH.dpuf

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