Good News on Manufacturing
We also received good news on manufacturing from two Fed regions . The Empire State Manufacturing Index (ESMI) came in substantially better than expected.
The Philly Fed report was slightly less than consensus, but its key components point to a continued momentum:
There are supplemental questions that point to the biggest obstacle to growing the economy, especially manufacturing:
While there has been a marked improvement in the skills gap in production, machinery, and tools; still, 67% say it’s a problem.
In addition, a computer skills gap was noted by 35% of respondents from 25% a year ago, and a shocking 21% said a proficiency in English is a big skills issue, up from only 9% in 2017.
It’s nuts to consider there’s a lack of job candidates who can speak English. A lot of this reflects on the fact there is still more money to be made chilling out rather than getting a job. That’s beginning to change, along with the notion that a near-term hit to the wallet would only be temporary.
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