Issues in the Brief
Intellectual property protection is critical, and the barrage of threats from trolls, pirates and hackers means that companies are litigating, not innovating. What’s missing is a viable solution. Giving the PTO the authority to issue ultimate rejections and eliminate continuations may provide some relief; however, even that step is unlikely.
The Bipartisan Budget Act of 2013 is small and imperfect, but the fact that there is a deal at all in such a deeply divided Congress is progress. The two-year framework would result in approximately $23 billion in net deficit reduction over 10 years. It contains $85 billion in savings through spending cuts and new revenue.
China is the largest manufacturing economy in the world, with a 22% share of manufacturing activity. The U.S. is in second place with a 17.4% share. China has achieved this position through extremely fast growth in physical volume of manufacturing activity with modest inflation.
Congratulations, Janet Yellen. The Senate has given the green light for Dr. Yellen to take her place in history as America’s first female Fed Chair. This is no small accomplishment and one that is of great importance for the economics profession, where women still lag in obtaining their rightful place.
While Chinese exports of manufactures continue to grow faster than U.S. exports and the U.S. deficit keeps rising, important changes are underway in the pattern of trade in 2013 compared with the previous three years. From 2009 to 2012, Chinese exports of manufactures soared by 71% to $1,925 billion, almost double the U.S. growth of 38% to $1,102 billion.
The manufacturing outlook for 2014 and 2015 calls for a percentage point acceleration in the growth rate each year. Consumer-driven manufacturing growth will be relatively stable and supported by surprisingly robust employment growth. With the Eurozone coming out of recession, export activity should pick up and provide a boost to business sentiment.
Senior Economist Don Norman reviews the most recent manufacturing data, noting that the evidence points to growing momentum as we head into 2014. If, as expected, global economic growth continues to improve, and if the government can provide a bit more predictability in policies related to government finances and regulation, manufacturing sector activity will pick up over this year’s rather languid performance.
MAPI predicts that manufacturing production in Latin America will expand 2% in 2013, courtesy of the outstanding performance of the motor vehicles sector. In Mercosur countries, demand-focused government policies are triggering the sizable production gains in auto production; in our view, these gains are not sustainable in the long term. Conditions are set for faster manufacturing growth in 2014, although the expansion remains moderate at 3.1%.
According to the manufacturing Purchasing Managers’ Index (PMI) released by the HSBC, manufacturing production continued to expand in all major countries in the region, with their PMIs staying above the crucial threshold of 50.
Manufacturing Facts: A New MAPI Production, is a collection of the key facts and figures that define the state of the U.S. manufacturing industry.
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