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💴 This Week in Manufacturing

Rebuilding a strong foundation can take time, especially if you want it to last. That’s an underlying theme of our latest monthly industry report, which details continued cautious optimism and factory investment. 

The June monthly industry review and report highlights a continued contraction in the ISM Purchasing Managers' Index (PMI) but the June data also shows some tentative signs of improvement. Tellingly, S&P Global PMI hit a 3-month high in expansion territory. New orders and production trends were mixed but suggested early signs of demand picking up.

Next, this week’s headlines cover a variety of innovation investments such as submarine power cable facilities, EV plant conversions, robotics, and more!

This week’s podcasts cover different ways to advance a manufacturing organization–through interdepartmental collaboration (The Manufacturing Executive) and product innovation (The Future of Everything).

Finally, our Fun Fact showcases how technical skills will always play a part in manufacturing growth.

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⚙ Manufacturing Headlines

• LS GreenLink to build submarine power cable facility in VA [Power Technology]

• IceBrick Innovation Centre named “2024 Outstanding Energy Project” [Renewable Energy Magazine]

• June manufacturing industry data review [CompanyWeek]

• Washington promotes conversion of US car plants [electrive]

• Intel launches apprenticeship for U.S. manufacturing workers [Venture Beat]

• Standard Bots Secures $63M in Funding for AI-Driven Robotics [AiThority]

MONTHLY REVIEW

♨️ US Manufacturing Insights - June

The U.S. manufacturing sector has faced ongoing challenges in 2024, with weak demand and economic uncertainty weighing on activity.

The June manufacturing data indicates the sector may be stabilizing, even if growth remains elusive. New orders and production trends were mixed but suggested early signs of demand picking up.

Several major companies announced large new factories and expansion plans in June, representing billions in investment. Multiple industries saw major growth initiatives that could boost manufacturing over time.

Upshot: The demand environment showed some early signs of improvement, even if the recovery appears fragile. The outlook remains cloudy but with glimmers of light.

FROM THE FEED

📱The U.S. Dollar and American Factories

🤨Did You Know?

Manufacturers’ demand for technical skills will increase by

50%

over the next decade.

^{Source: McKinsey}

🎧 Podcasts Worth A Listen

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