Manufacturers’ Summit

The 5th Annual Summit of the Manufacturers’ Council of the Inland Empire

August Digital Whistle Newsletter

The Coolest Thing Made in California Awards

Nominations end August 31, 2023!You can nominate any number of items, but they must be made in California.

Submit your nominations here:

Sponsored by California Manufacturers’ and Technology Association (CMTA), the winner and title of “Coolest Thing Made in California” will be announced on National Manufacturing Day, October 6, at CMTA’s Making CA Conference.

September Event:

Limited spaces are available for manufacturers to attend. (Non-manufacturers spaces have filled.)

Join the MCIE on September 15 at 7:15 am for “Family Business Challenges and Solutions” with Keynote Speaker Keanon Alderson, MBA, PhD, the Director of the California Baptist University Family Business Center. The event will also include networking, refreshments, and, following the lecture, a private tour of the Gordon & Jill Bourns College of Engineering. Space is limited, so register now at this link.

Manufacturers in the News

Are you and your manufacturing company doing something interesting? The MCIE can feature member news, new products, new programs, or other announcements in our digital and printed media! The MCIE will be making an easy, fill-in form available soon; with the approval of a marketing decision-maker in your organization, MCIE will do the rest!

Industry News

(Aug 21) – America’s manufacturing boom could add 250K jobs in two years according to a new estimate from Goldman Sachs. This increase amounts to about 2% of current manufacturing employment levels, due in part to incentives and investments in semiconductor and green tech sectors in recent federal legislation. This has stimulated the construction of new manufacturing facilities, particularly in the western US, where every $1M increase in manufacturing construction spend leads to roughly 9 new manufacturing jobs. They expect $65B of such spend over the next two years, subject to labor market constraints. Notably, around one-third of this spend pledged to green and semiconductor manufacturing is set to occur in Arizona alone, due to investments from TSMC and Intel. (Axios)

Economic Update

  • (Aug 19) – California’s July 2023 Unemployment Rate Remains Constant from June at 4.6% – 27,900 Jobs Were Gained as Government Jobs Led the Way Along with Private Education and Health Services. (Sierra Sun Times)
  • (Aug 18) – California’s July unemployment rate of 4.6% matches June’s. Riverside and San Bernardino Counties held steady at 5% unemployment in July, according to EDD. (The Center Square)
  • (Aug 19) – Southern California’s unemployment edged up to 5.0% from last month’s 4.9%, still 1.5% wider than the national average of 3.5%, according to the Bureau of Labor Statistics. Unemployment is now the highest it has been in 17 months. (Orange County Register)
  • (Aug 3) – At the end of July, the quarterly Southern California Association of Governments Economic Roundtable met. The roundtable heard from multiple economists that a recession could be possible in the third quarter, although the prospective stimulus remains unclear. Weak spots identified in the regional economy included commercial real estate, given high interest rates. It was stated that Inland Empire counties had led the State of California in employment gains since February 2020. (Fontana Herald News)
  • (Aug 23) – The Federal Reserve meeting in July suggested that the markets could be in for another rate hike before the end of 2023, most likely in November, to address remarkably stubborn inflation. The Fed made no mention of lowering rates in the near term, although the minutes did suggest we may be close to the top of the interest-rate cycle. (Forbes)
  • (Jul 17) – China’s economic growth missed forecasts by 1%, with expectations that the Chinese government will step in to cut interest rates and stimulate their economy. Exports declined 12.4% in June from a year ago as global demand has decreased under central bank rate tightening regimes. China cutting rates, especially as other countries continue to raise rates will act to make the Chinese currency weaker, which will make Chinese manufactured goods appear cheaper on global markets. (Associated Press)

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