Wishing You Success This Month...
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Our job here at RIMA is to give you, the manufacturers, the ability and resources to continue and compete and grow among others in the industry. We are excited to share a number of upcoming events and stories with you!
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NEWS: U.S. Manufacturing grew in August at the fastest pace since May 2004!
The Institute for Supply Management Manufacturing Purchasing Managers' Index jumped from 58.1 in July to 61.3 in August, the best rate since May 2004, with solid growth in demand, output and hiring. Index readings greater than 50 indicate positive expansions in activity for the month on net, with data points greater than 60 consistent with very healthy gains. The index for new orders has now been 60 or greater for 16 straight months, which is encouraging, especially with sales being a proxy of future production activity. With ever-stronger economic growth, manufacturers report highly elevated pricing pressures. Prices for raw materials have pulled back from a seven-year high in May but continue to signal robust gains in costs. More than half of manufacturing respondents said their costs had risen in August, with just 6.8 percent suggesting they decreased.
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Upcoming Events!
*Free for RIMA Members*
Together for Industry- Your Ticket to Sourcing Trends in New England
Join us on Oct 10th & Oct 11th to get insights on national and regional sourcing data based on sourcing activity on the Thomas Platform
or
Manufacturers & Congressional Summit
Join us on Monday, October 22nd for our Q&A with Congressional Leadership at the Providence Marriott Downtown in Providence, RI. The panel will feature US Senators Sheldon Whitehouse and Jack Reed, and Congressmen Jim Langevin and David Cicilline
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Manufacturing Week Kickoff Event of October 3rd
RIMA hosted a kickoff event honoring Manufacturing week at the Museum of Work and Culture in Woonsocket. Over twenty manufacturers setup tables to display the various products that they produce.
The event was well attended with over 160 people sampling local beer and wine while visiting the manufacturers booths.
Governor Raimondo was the featured guest speaker. Commerce Secretary, Stefan Pryor along with DLT Director Scott Jensen were in attendance. The Governor presented a proclamation to Executive Director, David Chenevert in support of the 1600 manufacturers in Rhode Island employing over 40,000 people. She reiterated her support for the manufacturing sector as a key sector for the growth of good jobs and success for Rhode Island’s economy.
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****
RIMA announced on October 3
rd
a $100,000.00 monetary subsidy to manufacturers that is being offered to all RIMA members and any manufacturer who joins RIMA
within 30-days of October 1
st
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The initial concept is as follows:
RIMA members will be eligible for a 75% discount off Polaris MEP operational improvement projects valued up to $15,000 each. Manufacturers who join within 30-days of launch will be eligible for participation.
This proposal for 20 companies ($100,000)
- RIMA members are eligible for funding to support Lean, 5S, Facility Layout improvements or high-powered private consulting expertise for operations improvements.
- RIMA members are eligible for funding to improve the workplace safety by using grant money to be used to meet current OSHA regulations.
- RIMA members are eligible for funding to support the training services that are associated with software upgrade systems including quality or inspection system MRP system, Calibration program, data collection.
- RIMA members are eligible for funding to engage in a Capstone project with the University of Rhode Island.
Please contact RIMA at “ SAY RIMA”(401) 729-7462 or email
rima@mfgri.com
for further information or to answer your questions.
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National Association of Manufacturers News...
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NAM's Timmons praises Unanimous Congressional Passafe of Miscellaneous Tariff Bill: Legislation Will End $1 Million a Day Tax on Manufacturers
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The National Association of Manufacturers President and CEO Jay Timmons released a "statement after unanimous, bipartisan passage of MTB legislation." Timmons said, "Manufacturers will now be better equipped to compete and win against companies in China, Europe and elsewhere because the House and Senate have finally moved this legislation. This bill will end the $1 million a day tax that manufacturers and other American businesses have endured just for buying parts and supplies they need."
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NAM's Timmons and Dow's Fitterling: Booming Manufacturing Indstry Faces Challenges on Workforce Development, Trade
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The Midland Daily News (9/6) reports that while manufacturers are investing and hiring more, the sector faces challenges with workforce development and the administration's trade policy according to CEO-elect Jim Fitterling of The Dow Chemical Co. and Jay Timmons, president and CEO of the National Association of Manufacturers. Timmons and Fitterling "applauded the current administration's work on tax reform and self-regulation, but are cautious to whole-heartedly supporting the Trump administration with controversial tariffs and trade agreements still in limbo." Timmons said
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- The global economy continues to expand modestly-especially relative to the headwinds seen a couple of years ago-but the recent trends also reflect some softening in overall growth. The J.P. Morgan Global Manufacturing PMI edged down to 52.5 in August, its slowest pace since November 2016. The headline data have trended slightly lower since reaching a nearly seven-year high in December (54.5). In the August survey, new orders, future output and employment each eased somewhat, with export growth remaining marginally positive.
- Beyond those measures, input prices grew strongly in August despite some continued lessening in cost pressures. The index for raw material prices has exceeded 60-indicating robust gains-in 11 of the past 12 months, averaging 61.2 over that time-frame. More importantly, all but two of the top 20 markets for U.S.-manufactured goods had expanding levels of manufacturing activity in August, with the exceptions being South Korea and Hong Kong.
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Manufacturers Notch Key trade Win With President's Signing of Miscellaneous Tariff Bill (MTB)
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The National Association of Manufacturers (9/13) President and CEO Jay Timmons released a "statement after the President signed the bipartisan Miscellaneous Tariff Bill (MTB) legislation, which was unanimously approved by the House and Senate." Timmons said, "With his signature, President Trump has freed manufacturers and other businesses from a pointless $1 million a day tax. Now that the MTB is law, manufacturers can better compete against companies in China, Europe and elsewhere.
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How Rhode Island is Sparking Another Industrial Revolution
25 Opportunity Zones Named in RI
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- Qualified Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide.
- All 25 areas that Gov. Gina M. Raimondo and the RI Commerce Corporation submitted for designation as Qualified Opportunity Zones were approved by the U.S. Department of the Treasury and the Internal Revenue Service in May.
- U.S. Treasury Secretary Steven T. Mnuchin had this to say about the program: "Attracting needed private investment into these low-income communities will lead to their economic revitalization and ensure economic growth is experienced throughout the nation."
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American Machinist News...
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- U.S. manufacturers in July registered new orders for machine tools and related products worth $399.34 million, upholding the steady volume of capital investment that has characterized the current business cycle. In fact, the July total the result represents the second consecutive decline in new orders, a 3.0% drop from the June result, “reflecting the start of the typical summer slowdown,” according to the U.S. Manufacturing Technology Orders report.
- But, in the broader picture, the July orders represent a 19.7% increase over July 2017 orders, and the total brings year-to-date new orders to $2.95 billion, a 22.4% expansion over last year’s January-July total.
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Global Manufacturing News
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Chinese Companies Shifting to Other Countries to Avoid US Tariffs
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Chinese factories making everything from bikes to tire, plastics and textiles are moving assembly lines abroad to skirt higher customs taxes on their exports to the United States. A growing number of Chinese companies are adopting a crafty way to evade President Donald Trump's tariffs: remove the "Made in China" label by shifting production to countries such as Vietnam, Serbia and Mexico.
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**** Member Spotlight ****
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This Month's Member in the Spotlight...
Eagle Electric Engineering Enterprise
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Interested in Membership?
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We Advocate for Manufacturing
- Let RIMA keep you informed on the local, state and federal levels critical issues
- Ensure your concerns are being raised with government leaders of our state
We Promote Economic Improvement
- We offer networking opportunities to our members
- We promote and support a more competitive business climate
- We collaborate with like-minded organizational partners to amplify our cross-industry interests throughout the state
We Help Solve Problems
- A clearinghouse of information:
- We connect you with local suppliers and potential customers
- We can elevate your legislation and regulatory concerns to public officials
We Support Education and Workforce Development
- RIMA's partner, We Make RI, develops career, education programs to help companies identify and secure talented workers through certified apprentice programs
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