This week, the nationwide Tax Cuts Now Tour will be stopping in Missouri, where several Missouri Republican politicians will be welcoming the tour and speaking to Missourians about why now is the time for tax cuts. “The idea is to educate people on the benefits of tax cuts, not only to Missourians and Americans but also small businesses and explain how it can stimulate the small-business economy,” Rep. Nick Schroer said. Read the full story here.
In its “Week Ahead” column, The Hill (10/30, Lane) reports the Senate Banking Committee will “meet on Nov. 1 to grill Trump’s nominee to lead the Export-Import Bank, former Rep. Scott Garrett (R-NJ),” pointing out that Garrett “faces a tough road to confirmation.” The article states that “Republicans and Democrats from US manufacturing hotbeds say they fear the conservative former congressman would attempt to destroy the bank from within,” adding that “the National Association of Manufacturers is ramping up its campaign against Garrett’s nomination to head the bank, citing his long opposition to it while in Congress.” The Hill quotes NAM President and CEO Jay Timmons saying, “Scott Garrett has a long and disgraceful record of trying to kill the Ex-Im Bank, while showing no concern for the 1.4 million American jobs it supports. Letting him lead the Ex-Im Bank is simply too big a risk for America’s manufacturing workers.”
The Bureau of Economic Analysis reported that the U.S. economy grew by an annualized 3.0 percent in the third quarter, extending the 3.1 percent gain in the second quarter. This was slightly better than the predicted growth rate of 2.6 percent—a sign that even with the recent hurricanes, the U.S. economy continues to expand at a decent clip. Strength in consumer and business spending, including inventories, and net exports boosted the third-quarter data. For 2017 as a whole, I am predicting real GDP growth of 2.3 percent, with 3.0 percent growth for the current fourth quarter. This is a slight improvement from the 2.1 percent average growth rate since the Great Recession, but I am also estimating 2.6 percent growth for 2018. In addition, I continue to believe there is upward potential in the forecast, especially for next year and beyond, if pro-growth policies are enacted. The data on manufacturing activity were also uplifting. For instance, new durable goods orders jumped 2.2 percent in
Last week, many business leaders, accountants, attorneys and human resource professionals gathered for the annual AIM conference featuring speakers on hot topics such as cyber-security, legislation affecting employers, and tax developments. The keynote speaker, Lt. Governor Mike Parson, spoke about a new program he started called, “Buy Missouri” (#BuyMo). The program is designed to educate buyers on products that are made in Missouri. “This program is NOT a government program, but a way we intend to help consumers that want to know which businesses are Missouri businesses so they may support them whenever possible,” said Lt. Governor Parson. Rep. T. J. Berry and Rep. Kevin Corlew also spoke at the conference. Rep. Corlew talked about a transportation task force he chairs and Rep. Berry talked about utility issues. McCarty praised both for their support of strong tort reform changes in the 2017 legislative session. Many directors of state departments participated in a panel entitled, “Innovate Missouri,” a discussion of ways
By LauraLee Rose, Missouri Enterprise Project Manager (and a woman in manufacturing) Ask any little girl what she wants to do when she grows up, and odds are that she will not say, “I want to work in manufacturing!”. (Granted, that answer may also be far down the list for little boys, somewhere behind firefighter or professional athlete.) U.S. manufacturers are facing a real threat today, with as many as 2 million manufacturing jobs expected to be open within the next decade as the baby boomers retire. And finding folks to fill those jobs is viewed as the number one challenge in many factories, especially in areas where unemployment is already low. Manufacturing executives responding to a recent skills gap study report six out of ten positions are currently unfilled due to the skills gap. That’s 6 out of 10! The answer to the current and coming skills shortage could be a critical pool of untapped talent: women. Women comprise
Missouri Lt. Gov. Mike Parson spoke at the St. Joseph Chamber of Commerce on Tuesday morning to launch a new statewide initiative called Buy Missouri. The announcement was Parson’s first stop on a two-day tour of promoting the Buy Mo advertising campaign in 10 Missouri cities. “The whole idea of ‘Buy Missouri’ is to promote Missouri products that are made by Missourians,” Parson said. “You go to the grocery store every day, and we all buy breakfast cereal, barbecue sauce, hand cleaner, gloves and pet food. All of that is made in Missouri. We want you to realize what those Missouri products are and hopefully, you’ll take a good look at them before you look at another brand.” Ray McCarty, president of Associated Industries of Missouri, joined the Lt. Governor on the Buy Mo tour. “Buy Missouri is something we can do to help ourselves,” McCarty said. “It helps our neighbors, the people you go to church with, the people
In the most recent Beige Book, the 12 Federal Reserve banks noted modest growth in all of its districts, but businesses in several regions cited disruptions in activity from recent hurricanes. Along those lines, the Federal Reserve estimates that those storms subtracted 0.25 percentage points from industrial productiongrowth in September. Even with that drag, manufacturing production edged up 0.1 percent in September, bouncing back ever so slightly from declines across the past two months. Beyond weather, we have seen a lot of volatility in the output data for the manufacturing sector since March, essentially seesawing from month to month. This has meant that production has grown less than desired or expected, especially given the more robust outlook in other data sources. Encouragingly, manufacturing leaders in both the New York and Philadelphia Federal Reserve Bank districts were more upbeat in the latest surveys. The Empire State Manufacturing Survey’s composite index of general business conditions increased to a three-year high, with the similar measure in the Philadelphia region
Lt. Governor Mike Parson and Associated Industries of Missouri President Ray McCarty will be traveling Missouri this week to promote buying locally made products. Tyler Habiger, the spokesperson for the Lt. Governor’s Office, said that his campaign will be the “first of many” phases to promote Missouri produced goods. The flyaround will begin Tuesday and includes 10 cities in the state. “When you buy Missouri products, you’re helping support those business owners that operate those businesses in your hometown or some other hometown in Missouri,” Ray McCarty said. “That’s going to help our overall economy. There’s nothing better for economic development than growing our own. We’re making sure that we take care of our businesses here in Missouri.” Read more from the Missouri Times here.
The NAM is pleased to present its 4th quarter economic webcast for its association members as well as its Small and Medium corporate members. The webcast will be broadcast live on Thursday, October 19, at 11:00 a.m. EDT. This presentation will specifically focus on the current U.S. and global macroeconomic trends, as well as the overall outlook for 2018 and beyond. Manufacturers have grappled with a number of challenges over the past two years, including global headwinds and economic uncertainties. Yet, we have seen the overall outlook turn sharply higher for much of this year, buoyed by stronger domestic and international demand and production and cautious optimism on the policy front. The update will be followed by a live Q&A session. Registration is required prior to the event. We have reserved space for 400 participants. This webcast is produced in partnership with CommPartners in exchange for promotional consideration. To register and learn more, click HERE
According to a study released Tuesday, Missouri’s tax code ranks 16th among the 50 states, unchanged from the previous year. The Tax Foundation’s annual State Business Tax Climate Index ranks states based on their tax structure. It compares all 50 states on more than 100 variables in five tax categories — corporate, sales, unemployment insurance and property and individual income. Missouri ranked 5th in corporate tax structure, 7th in unemployment insurance, 7th in property, 24th in sales taxes and 28th in the individual income tax category. You can view the study here.