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Supply
Chain by the Numbers |
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- Dec. 5, 2024
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US PMI Shows Contraction Again. US Economy Lukewarm Again in Q3. China Bans Rare Earth Metal Exports to US. EV Makers Strugggling
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48.4 |
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That was the level of the US Purchasing Managers Index (PMI) for November, as released Monday by the Institute for Supply Management (ISM). That score is again below the key 50 mark that separates US manufacturing expansion from contraction, though up a little from the October score of 46.5. What’s more, the US PMI had previously been in contraction territory for 16 straight months until it poked its head into expansion in March with a score of 50.3, but that has now been followed by eight more months of contraction. One bright spot: the New Order Index moved in expansion territory, albeit weakly, after seven months of contraction, registering a score of 50.4, 3.3 percentage points higher than seen in October. but still a positive sign for future US manufacturing activity. Most other PMI metrics were again negative. |
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That was the rise in real gross domestic product in Q3, according to the Commerce Dept. late last week. That was slightly below the consensus estimate of 3.1% from economists, as well as the 3.0% growth seed in Q2. This is the second of three estimates the Commerce Dept. will issue on the measure. At 2.8%, once again the US economy saw decent but not strong economic growth in the quarter. Good news for the Federal Reserve: the Fed’s favorite inflation gauge, the personal consumption expenditures deflator excluding food and energy, slowed to a 2.1% increase in Q3, down from 2.8% in Q2. |
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| That is how many electric car-related manufacturers at risk of running out of cash by next summer, according to a Wall Street Journal analysis of their most recent filings. Even shares of more stable startups, such as Rivian Automotive are down nearly 50% this year as they face an increasingly challenging outlook. Many of these young companies have been hammered by cooling demand for electric cars, rising costs and supply chain obstacles that have hindered their ability to put out new products quickly. It could get worse for these EV companies, as incoming President Trump has pledged to get rid of a $7,500 tax credit for EVs that has helped stimulate demand. |
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That is the share of the metal germanium used by the United States that comes from China. Germanium is a material used in infrared technology and fiber optics products. Why is that in the news? Because China said on Tuesday that it would begin banning the export of several rare minerals, including germanium, to the United States, an escalation of the tech war between the world’s two largest economies. Sales of gallium, germanium, antimony and so-called superhard materials to the United States would be halted immediately on the grounds that they have dual military and civilian uses, China’s Ministry of Commerce said. China has a dominant, in some cases monopolistic control of these and other rare earth metals, key to making many technology, aerospace and other products..
