MH Daily Bulletin: September 13

September 13, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland has announced expanded access to 3D printing filaments from Braskem, a global chemical company, providing clients with access to polyethylene (PE) and glass fiber reinforced polypropylene (PP) filaments. Click here to read the full press release.
  • Are you attending the North American Detroit Auto Show this week? We invite you to join our networking reception at the Detroit Athletic Club on Thursday, Sept. 15, at 4 pm. To RSVP for our reception or set up a meeting with our Automotive team, please contact Mike Gumbko, Strategic Account Manager.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.

Supply

Supply Chain

Domestic Markets

  • The U.S. reported 60,185 new COVID-19 infections and 328 virus fatalities Monday. The daily average for new cases is down 24% from two weeks ago to the lowest level since May, though a lack of home testing reporting could skew the data. 
  • Only 10 states continue to maintain COVID-19 restrictions after New York said it is ending its state of emergency.  
  • COVID-19 cases fell 16% in New York last week as the state began giving out its first Omicron-tailored vaccines to the public.
  • Just 51.9% of Wyoming’s population is fully vaccinated against COVID-19, the lowest in the nation.
  • The Detroit Auto Show returns this week after a three-year pandemic hiatus
  • Over 15,000 Minnesota nurses went on strike Monday over pay and working conditions, the largest-ever strike of private-sector nurses in the U.S.
  • New York Times and NBC employees have vowed to work from home in protest over back-to-office requirements that began this week.
  • Inflation eased less than expected in August, with the Consumer Price Index up 0.1% compared with the prior month and 8.3% over the prior year, sending stock futures lower in premarket trading. U.S. online prices jumped 2.1% in August after declining in July for the first time in two years, according to Adobe.
  • Mastercard says U.S. spending growth this holiday season will likely slow to 7.1% from 8.5% last year as inflation reduces demand. Deloitte shares similar forecasts.
  • The U.S. workforce hit 164.7 million people in August, topping 2019 levels for the first time of the pandemic.
  • U.S. consumers are lowering their multi-year forecasts for inflation, according to recent surveys by the New York Fed. Year-ahead expectations fell from 6.2% in July to 5.7% in August. 
United States Consumer Inflation Expectations
  • The Federal Reserve is widely expected to raise its key interest rate by another 75 basis points next week.
  • JPMorgan Chase says a “soft landing” is likely where inflation eases without a full-blown U.S. recession this year or in 2023, though analysts expect slowing third-quarter corporate earnings growth
  • Deposits at U.S. banks fell by a record $370 billion in the second quarter, the first decline since 2018, even as banks continue to sit on more deposits than needed after a two-year influx of pandemic cash savings.
  • Manhattan home sales under $1 million fell by double-digit percentages this summer compared to pre-pandemic levels, reflecting higher borrowing rates.
  • San Francisco’s median home price was 7% lower last month than a year ago as remote work hits demand in what was recently the hottest U.S. housing market.
  • U.S. Bancorp says its mortgage revenue will plummet as much as 35% from the second to the third quarter as the housing market slows.
  • Goldman Sachs will start cutting hundreds of jobs this month after pausing the annual practice for two years during the pandemic.
  • Oracle met quarterly financial targets after strong demand for its cloud services pushed segment revenue up 45%.
  • Pandemic darling Peloton Interactive began losing senior leaders Monday as the firm undergoes massive changes to trim losses and win back investor confidence.

International Markets

United Kingdom Unemployment Rate

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