Board Coverting News, August 31, 2020

NAM: Manufacturing Shows (CONT’D FROM PAGE 1 )

Core Competency

50.9 in July to 53.6 in August, led by strength across the board. Regional surveys from the New York and Philadelphia Federal Reserve Banks each reported slower expansions in activity in August. However, respondents remained up- beat about the next six months. The IHS Markit Flash Eurozone Manufacturing PMI expanded very modestly for the second straight month, easing slightly in August from July’s pace. Sales and pro- duction were up solidly in Germany and — outside the Eu- ropean Union — in the United Kingdom. However, manu- facturing activity weakened in France. Initial unemployment claims rose to 1,106,000 for the week ending August 15. Claims had been at 971,000 for the week ending August 8, falling below one million for the first time since mid-March. Meanwhile, continuing claims dropped from 15,480,000 for the week ending August 1 to 14,844,000 for the week ending August 8. As such, 10.2 percent of the workforce was receiving unemployment in- surance in the latest data, down from 10.6 percent in the previous report. Michigan created the most net new manufacturing jobs in July, adding 9,400 workers. Despite gains over the past three months, manufacturing employment figures contin- ue to experience sizable declines due to COVID-19. Visit to see the complete report.

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August 31, 2020

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