NAM: Manufacturing (CONT’D FROM PAGE 1)
to $270.6 billion in November, but excluding transporta- tion equipment, new durable goods orders increased 0.2 percent from $179.0 billion to $179.3 billion. Despite data that remain highly elevated, the manufac- turing sector has weakened notably in recent months, with durable goods orders excluding transportation equipment off 0.3 percent in the past five months (or so far in the sec- ond half of 2022). With that said, new durable goods or- ders have increased 6.5 percent year-over-year, or a mod- est 3.4 percent with transportation equipment excluded. Manufacturing activity contracted for the third straight month in the Kansas City Federal Reserve Bank’s district, with the composite index dropping further from -6 in No- vember to -9 in December. Respondents continued to pre- dict relatively flat growth over the next six months. Personal consumption expenditures edged up 0.1 per- cent in November, following solid gains in the prior three months, including a gain of 0.9 percent in October. With that said, spending on durable and nondurable goods de- creased 2.3 percent and 0.2 percent in November, respec- tively. Service-sector spending rose 0.7 percent for the month. On a year-over-year basis, personal spending has risen 7.7 percent since November 2021, with goods and service-sector purchasing up 5.3 percent and 8.9 percent over the past 12 months, respectively. At the same time, personal income increased 0.4 per- cent in November, with wages and salaries up 0.5 percent for the month. With income growth outpacing spending, the personal saving rate ticked up from 2.2 percent in Oc- tober to 2.4 percent in November. Both measures of con- sumer confidence moved higher in December, buoyed by lower gasoline prices and an improved economic outlook. Yet, overall sentiment remains less than desired. TAPPI/PIMA Student Summit To Be Held January 13-16 In Cincinnati The TAPPI/PIMA Student Summit is an annual event de- signed for students interested in the pulp, paper, packag- ing, and allied industries. It offers direct interaction with industry leaders as well as the opportunity to gain valuable information about employment and career development within their field. This year’s event on January 13-16 at the Hyatt Regen- cy in Cincinnati, Ohio, is an excellent venue for advanced undergraduate and graduate students to learn about op- portunities after graduation as well as some of the key challenges and opportunities existing in the industry to- day. It is the only event that brings students from paper and packaging schools together to reinforce their interest in joining the industry. Session topics have included Nan- otechnology, Printed Electronics, and the State of the In- dustry — all topics that are not regularly taught as part of their curriculum. Visit tappistudentsummit.org to register.
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January 9, 2023
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