NAM: Retail Sales (CONT’D FROM PAGE 8)
Board Converting NEWS INTERNET DIRECTORY
New residential construction activity rose 3.6 percent from 1,517,000 units at the annual rate in April to 1,572,000 units in May, with stronger single-family and multifamily housing starts. While activity has decelerated in the past couple months, housing starts remain solid overall despite rising construction costs and difficulties in finding talent. Home builders remain optimistic about growth over the next six months, and housing permits signal contin- ued strength moving forward. Housing permits have risen 13.7 percent since February 2020, with single-family and multi-family permitting up 12.0 percent and 17.5 percent over the past 15 months, respectively. Producer prices for final demand goods jumped 1.5 percent in May. Excluding food and energy, producer pric- es for final demand goods rose 1.1 percent in May, a new monthly record. At the same time, costs for transportation and warehousing soared 1.9 percent in May, extending the record 2.1 percent gain in April. Over the past 12 months, producer prices for final de- mand goods and services have jumped a seasonally ad- justed 6.5 percent, the biggest increase on record. Over the past 15 months, producer prices have risen 5.2 per- cent, and core producer prices have risen by a record 5.3 percent since May 2020, with a gain of 4.3 percent since February 2020. The Federal Open Market Committee kept the target federal funds rate unchanged at zero to 25 basis points, as expected. While inflation has risen sharply, the Federal Reserve continues to feel that such increases are transi- tory, the result of very strong pent-up demand and supply shocks that will likely abate over the coming months. The Federal Reserve also released the latest economic projections , with participants expecting 7.0 percent real GDP growth in 2021 and core PCE inflation averaging 3.0 percent this year. Despite these robust figures, the FOMC sees growth moderating to 3.3 percent in 2022, with core PCE inflation stabilizing to 2.1 percent next year. The unem- ployment rate is seen falling to 4.5 percent in 2021 and 3.8 percent in 2022, essentially bringing the U.S. labor market to full employment over the next year or so. As the economy continues to improve, the Federal Re- serve will be under increasing pressure to normalize its extremely accommodative policies. I would expect that the Federal Reserve will start to taper, or slow, its asset pur- chases later this year. In addition, once these purchases have ended, I would forecast a federal funds rate increase in mid-2022. With that said, the Federal Reserve’s monetary policy moves will hinge on incoming data. If pricing pressures are less transitory than the FOMC assumes, it might need to accelerate its normalization plans. The National Association of Manufacturers (NAM) works for the success of the more than 12.8 million men and women who make things in America. For more infor- mation, visit www.nam.org .
OHIO BLOW PIPE/ADVANCED AIRSYSTEMS www.obpairsystems.com For 85 years the Ohio Blow Pipe company and its whol- ly owned subsidiary, Advanced Airsystems, have provided the corrugated and folding carton industries with systems and products to process scrap. We engineer, fabricate, in- stall, service, provide system audits, and offer a wide range of scrap systems, dust collection systems and products to include cyclones, under roof AIR-SCREEN™ systems, pit belt systems, CLEANAIR dust collectors, Mist-Clone™ dust control systems for vacuum feeds, material handling fans, ductwork, switch valves, airveyors, balers, shredders and dust briquetters. OMP www.omp.com OMP helps companies facing complex planning challenges to excel, grow and thrive by offering the best digitized sup- ply chain planning solution on the market. Its Unison Plan- ning concept has a unique approach. It handles all supply chain planning challenges in a unified way, synchronizing all planning stages, horizons, functions and roles. Hundreds of customers run OMP’s cloud-based solution to generate more value by making informed decisions. OMP invests one out of every three dollars earned into innovation.
PAPER AND DUST PROS, INC. www.paperanddustpros.com
We custom design, install and service air conveyed scrap and dust collection systems. Our unique APS® is smaller, lighter, and more reliable than current cyclones. Contact us to learn how the APS® System can enhance your operation.
PROFERO SYSTEMS, INC. www.ProferoSystems.com
Profero Systems the leader in double facer heating and traction section conversions along with other performance enhancing products. Featuring products from Contact Bars and Compensating Rolls to New Glue Machines and Double Facers.
GF PUHL www.gfpuhl.com
GF PUHL designs, manufactures and installs air conveyed scrap & dust collection systems for the packaging and cor- rugated industries. With 37 years of experience, USA and International. We offer below or above roof systems featur- ing cyclones OR screen separators with real time pressure balancing for optimal dust control. High efficiency cyclones for sheet transfer exhaust systems eliminate water con- sumption and deliver dust directly to compactor or briquet- ter for low maintenance, long term sustainability and reli- ability. System audits, dust explosivity tests and dust hazard analysis (DHA’s) available. Re-manufactured balers, filters, blowers and shredders available at significant savings.
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www.boardconvertingnews.com
June 28, 2021
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