The Federal Reserve expects real GDP to grow 2.8 percent to 3.0 percent this year, and for that to happen, it would suggest a relatively strong rebound in activity in the coming months. In the National Association of Manufacturers’ Global Manufacturing Economic Update, Chad Moutray, chief economist at NAM, looked at several different economic factors that will impact this including trade. He reports that “manufactured goods exports have risen at a very slow 1.1 percent pace in the first quarter relative to the same time frame in 2013. This continues the deceleration in the growth rate for manufactured goods exports that we have seen over the past two years, with 2014 year-to-date growth down from last year’s 2.4 percent pace.” Additionally, he points out that exports of U.S.-manufactured goods to many large trading partners rose in the first quarter, despite soft exports to our largest trading partner Canada.
Read the full Global Manufacturing Economic Update for more manufacturing trends and highlights.
Gary J. Salamido
Vice President, Government Affairs
North Carolina Chamber