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☆ The Biden administration bet big on industrial policies. Experts warn it may not pay off
▼ + stars: | 2023-09-25 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

With the introduction of new laws, such as the CHIPS and Science Act and the Inflation Reduction Act of 2022, the Biden administration has been betting big on industrial policies to bring manufacturers back to the United States. This isn't the first time the U.S. government has spent tax dollars to guide industrial policy. If successful, industrial policies can potentially lead to big payoffs. "An example would be the development of mRNA vaccines for Covid," said Ed Gresser, vice president and director for trade and global markets at the Progressive Policy Institute. And that simply is a deterrent for investment and job creation here in the U.S."Watch the video to learn more about how industrial policies are affecting the manufacturing sector in the United States.

Persons: Biden, Scott Lincicome, Ed Gresser, Linicicome, Lincicome, Jay Timmons Organizations: Cato Institute, Progressive Policy Institute, National Association of Manufacturers, U.S . Locations: United States, Washington, U.S

☆ What people are saying about the US auto worker strike
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +3 min

Sept 15 (Reuters) - The United Auto Workers union launched simultaneous strikes at three factories owned by General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI) on Friday, kicking off the most ambitious U.S. industrial labor action in decades. "I’m looking forward to joining our auto workers on the picket line this weekend. For the sake of Michigan’s economy and our working families, I hope this strike is short-lived. "American families are already feeling economic pressures from near-record-high inflation, and this will only inflict more pain. We urge a swift resolution to end this strike and avoid further undermining the strength of our industry and harming our broader economy."

Persons: ELISSA SLOTKIN, we’ve, ” JAY TIMMONS, DEBBIE STABENOW OF, Joseph White, David Shepardson, Trevor Hunnicutt, Peter Henderson, Anne Marie Roantree, Jamie Freed Organizations: United Auto Workers, General Motors, Ford, Chrysler, Ford Bronco, Chevrolet, UAW, Company, DEMOCRATIC U.S, ELISSA SLOTKIN OF, NATIONAL ASSOCIATION, ”, Thomson Locations: Chevrolet Colorado, ELISSA SLOTKIN OF MICHIGAN, China, Detroit, DEBBIE STABENOW OF MICHIGAN, Washington, San Francisco

☆ What industry experts, leaders say about the autoworkers' strike
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +7 min

SAM FIORANI, PRODUCTION FORECASTER AT AUTO FORECAST SOLUTIONS:"This is more of a symbolic strike than an actual damaging one ... DEMOCRATIC U.S. REPRESENTATIVE ELISSA SLOTKIN OF MICHIGAN:"I'm looking forward to joining our auto workers on the picket line this weekend. DONALD TRUMP, FORMER U.S. PRESIDENT:"The all Electric (car) is a disaster for both the United Auto Workers and the American Consumer. The targeted strike is intended to give UAW flexibility strike fund duration." SUZANNE CLARK, CEO OF US CHAMBER OF COMMERCE"The UAW strike and indeed the 'summer of strikes' is the natural result of the Biden administration's 'whole of government' approach to promoting unionization at all costs."

Persons: MARY BARRA, who's, we've, Shawn, Fain, DAN IVES, KOJI ENDO, LEE JAE, ARTHUR WHEATON, It's, ELISSA SLOTKIN, JAY TIMMONS, MONICA BOSIO, Stellantis, MARTINO, AMBROGGI, DONALD TRUMP, CHRIS MCNALLY, COLIN LANGAN, AT WELLS, PATRICK ANDERSON, JOHN MURPHY, Ford, ROBERT STREDA, DBRS, SUZANNE CLARK, Biden, Joseph White, David Shepardson, Trevor Hunnicutt, Peter Henderson, Heekyong Yang, Daniel Leussink, Giulio Piovaccari, Mehr Bedi, Medha Singh, Anne Marie Roantree, Jamie Freed, Savio D'Souza, Arun Koyyur Organizations: United Auto Workers, UAW, General Motors, Ford, Chrysler, Ford Bronco, Chevrolet, CNBC, GM, SBI, EUGENE, South, CORNELL SCHOOL, Company, DEMOCRATIC U.S, ELISSA SLOTKIN OF, NATIONAL ASSOCIATION, American Consumer, ISI, AT, Detroit, Thomson Locations: Chevrolet Colorado, Detroit, United States, ELISSA SLOTKIN OF MICHIGAN, China, Washington, San Francisco, Seoul, Tokyo, Milan, Bengaluru

☆ We are very concerned about the onslaught of regulations in the U.S., says NAM CEO Jay Timmons
▼ + stars: | 2023-08-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are very concerned about the onslaught of regulations in the U.S., says NAM CEO Jay TimmonsJay Timmons, National Association of Manufacturers president and CEO, joins 'Squawk Box' to discuss the state of U.S. manufacturing, the impact of regulations on the cost of doing business in the U.S., and more.

Persons: Jay Timmons Jay Timmons Organizations: National Association of Manufacturers Locations: U.S

☆ Corporate America celebrates debt ceiling deal and urges Congress to quickly pass legislation
▼ + stars: | 2023-05-29 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Leading business groups are praising President Joe Biden and House Speaker Kevin McCarthy for forging a bipartisan agreement to raise the debt ceiling, and they are calling for Congress to pass the legislation before the government suffers a devastating default. “With the US at risk of defaulting in less than 10 days, there is no time to spare. The gravity of this moment cannot be overstated,” said Clark, who added the Chamber will consider this a “key vote” for lawmakers. The National Association of Manufacturers, the largest manufacturing trade group in the nation, congratulated Biden, McCarthy and their lawmakers for reaching an agreement. Party leaders in Washington are working furiously Monday to convince holdouts to back the compromise legislation that would avert default.

☆ On the Edge: The Sustainability of American Innovation
▼ + stars: | 2022-12-06 | by ( Eamon Javers | ) www.cnbc.com time to read: +1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOn the Edge: The Sustainability of American InnovationDespite a prevailing narrative that both Democrats and Republicans have been unfriendly to big businesses over the past 2 years, American corporations have plenty of reasons to be pleased with the 117th Congress. The CHIPs act opens the door for more U.S. based semiconductor production, while the bipartisan infrastructure bill not only pays to fix and replace aging roads and bridges, but also allocates funding for new research and development. In this panel, we discuss how the business community and its representatives in Washington will continue to promote innovation and fair competition in the next Congress, while navigating the choppy political waters on both sides of the aisle. CNBC's Eamon Javers speaks with Jay Timmons, National Association of Manufacturers President & CEO at the 2022 CNBC CFO Council Summit on November 30, 2022.

☆ Meta’s headset makeover yields a $1,500 toy in search of a purpose
▼ + stars: | 2022-10-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

On Tuesday, Meta unveiled its latest effort in that mission, the Meta Quest Pro headset. But it costs $1,500 — nearly four times that of the company’s cheapest Quest 2 headset. Wages are up an estimated 5% this year in manufacturing — that’s not keeping up with inflation, but it is in line with the national average. “But by and large our manufacturing jobs today are high tech.”Bottom line: The labor story in America remains one where the narrative of recent history doesn’t quite hold. In most downturns, we’ve seen manufacturing decline, giving it a bad rap as a job that’s going extinct.

New York CNN Business —US factories are humming, and manufacturers are scrambling to find workers as the pace of hiring hits levels not seen in decades. Experts say one of the biggest problems manufacturers face in attracting workers is their perception of the nature of the job. Manufacturing remains a male-dominated industry, with only 30% of hourly factory jobs held by women, according to NAM. Today less than 10% of private sector jobs are in manufacturing, compared to more than 40% at the end of World War II. The Labor Department reports the average weekly wage for manufacturing jobs is $1,250, or $65,000 annually — 11% more than private sector jobs overall, and 81% more than retail jobs.

☆ As many as 45,000 Fords can’t be sold because they’re missing parts
▼ + stars: | 2022-09-20 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN Business —The still-clogged global supply chain continues to wreak havoc on the auto industry. Ford said late Monday it will end September with between 40,000 and 45,000 large pickups and SUVs that it can’t finish because it doesn’t have all the parts. The company warned late Monday that shortages and rising prices of supplies will cost it an extra $1 billion this quarter. The shortage of vehicles, combined with strong demand from consumers, has sent vehicle prices soaring to record highs. Ford and other automakers keep anticipating that the supply problems will improve.

☆ 3/4 of manufacturers are optimistic about the future of their business, says NAM CEO
▼ + stars: | 2022-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email3/4 of manufacturers are optimistic about the future of their business, says NAM CEOJay Timmons, president and CEO of the National Association of Manufacturers, joins 'Closing Bell' to discuss results from the association's most recent survey on business challenges, the current state of manufacturing in America right now and more.

Groups representing big rail shippers said Thursday’s tentative railroad-labor contract avoids potential turmoil in their supply chains and they are hoping for rapid ratification by union members to fully ease the labor tensions. “We are relieved and cautiously optimistic that this devastating nationwide rail strike has been averted,” said National Retail Federation President and Chief Executive Matthew Shay. The tentative deal must now be ratified by members of the various unions covered by the contracts. The deal, which is retroactive to 2019, includes a 14.1% wage increase upon ratification. Still, the agreement may help improve rail service in operations that have been hit by capacity and staffing shortages, he wrote.

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