Manufacturing Jumps (CONT’D FROM PAGE 1 )
non-durable goods declined in July by 0.2 percent, follow- ing no change in output in June, according to Dick Storat, in his newsletter, Scoring Boxes . “Imports continue to supply the lion’s share of rising consumer spending for packageable goods, as their im- ports continued to rise faster than exports,” noted Storat. “During the first half of the year, the trade deficits for these goods worsened by an additional $3.6 billion. Through mid-year, export sales have risen by 14.1 percent, while the amount of imports has almost reached $100 billion, grow- ing at 16.4 percent through June.” Storat cited data that indicated manufacturing con- tinued to expand in July, despite continued supply chain and transportation bottlenecks and a shortage of workers. New orders were still growing more rapidly than inven- tories were depleting, suggesting that strong production growth will support box demand. “Both strong demand and rising costs to deal with sup- ply chain issues have caused the Producer Price Index to jump to 7.8 percent above year-ago levels in July, a strong shift from its 1.7 percent yearly gain at the beginning of the year,” he said. “While some of these increases will surely be passed through to consumers, most analysts still be- lieve the driving factors affecting producer and consumer inflation will ease once the economy returns to a more tra- ditional footing and supply chain bottlenecks are repaired.”
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