New state economic data released Thursday shows that China is facing headwinds in its effort to revive its struggling economy, according to The Wall Street Journal.
China struggled in August with low manufacturing activity, exports and consumer spending, adding more negative factors to the Chinese economy, which is already facing a fumbling real estate market, according to the WSJ. The new data from China follows disappointing economic growth for the country in the second quarter of 2023, with the Chinese economy only growing 0.8% for the quarter as opposed to 2.2% in the first, totaling 6.3% for the year.
The House Select Committee on the Chinese Communist Party will be in manufacturing-dependent Wisconsin Wednesday afternoon for a roundtable discussion on communist China’s “deliberate undermining of American manufacturing,” according to a press release.
Committee Chairman Mike Gallagher (R-WI-08) and Ranking Member Raja Krishnamoorthi (D-IL-08) will host the roundtable beginning at 3 p.m. Wednesday in Stoughton, WI.
On the one-year anniversary of the ill-named Inflation Reduction Act, President Joe Biden paid a call on Milwaukee to sell his tax-and-spend policies that the White House likes to call “Bidenomics.”
But a lot of Badger State residents who have seen their earnings swallowed up by the inflation fueled in no small part by “Bidenomics” aren’t seeing the benefits the president is touting.
The world paid little attention when the leaders of North America met in a summit in Mexico City last month, but what they decided was momentous. President Biden, Mexican President Lopez-Obrador and Canadian Prime Minister Trudeau agreed to build on President Trump’s 2020 trade agreement to find new ways to integrate their economies, boosting manufacturing and significantly reducing reliance on Asia.
President Joe Biden paid a call on Wisconsin Wednesday, touting job creation and boasting that the Big Government agenda he laid out in this week’s State of the State address will get the nation’s economy humming.
But the president’s cheerleading tour conflicts with the realities on the ground for Badger State businesses dealing with higher prices, supply chain issues and labor shortages.
Private companies added 127,000 jobs in November, missing investor expectations by more than 70,000 to post the worst result since January 2021, according to private payroll firm ADP and CNBC Monday.
The addition represented a sharp decline from the 239,000 new jobs reported by the firm in October. Industries that were most directly impacted by higher interest rates, such as construction, were hit the hardest by job cuts, while consumer-facing industries, such as hospitality, largely weathered the storm, according to ADP.
Several manufacturing and business leaders are concerned about how inflationary pressures are hurting businesses through heightened input and transportation costs.
Participants at a round table event on Capitol Hill Thursday said that inflation has increased the cost of raw materials, making it harder for manufacturers to obtain what they need to do business.
The global chip shortage is beginning to impact consumers, driving up prices of smartphones, vehicles and personal electronics as manufacturers struggle to keep up with rising demand.
“We’re seeing 5% to 10% price increases right now,” Glen O’Donnell, vice president and research director at Forrester, told the Daily Caller News Foundation. “They will increase more as this issue drags on.”
Semiconductors, the internal components essential to the functioning of almost every electronic device, have been in short supply since early 2020 due to high consumer demand of mobile electronics cloud services, and other products that require computer chips, according to O’Donnell. The COVID-19 pandemic exacerbated the problem by stalling semiconductor production and disrupting supply chains, with demand for consumer electronics only skyrocketing due to more people working from home.