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Supply
Chain by the Numbers |
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March 21, 2025
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US Manufacturing has Good Month in February. NVIDIA Sees Large Increase in US Chip Sourcing. Fed Downgrades 2025 US Economic Forecast. US Births See Slight Rise in 2024 |
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100.0 |
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| That was the level of US manufacturing output in February, as represented in the monthly index from the Federal Reserve Bank, which was released this week. That was up from an index score of 99.1 in January, the index moved out of the range that saw it hover around the 99.0 level since February 2023, with no real growth, but not recessionary declines either. The February level was also up 0.7% versus same month in 2024. But at an index level of 100.0, it means US manufacturing output is now equal to that of the baseline year of 2017 (index = 100) now eight years later. It is also well below the all-time high of about 108, reached in late 2007. |
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| That is the value of chips that NVIDEA will source globally over the next for years, according to company CEO Jensen Huang in an interview with the UK’s Financial Times released his week. Of that total, the chip designer’s CEO said that "I think we can easily see ourselves manufacturing several hundred billion of it here in the US.” Huang added that that supplier Taiwan Semiconductor Manufacturing Co. "investing in the US provides for a substantial step up in our supply chain resilience.” Huang’s comments come as President Donald Trump’s administration pushes for more goods, especially of semiconductors, to be made domestically. Last month, Apple announced plans to spend more than $500 billion in the US over the next four years. |
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1.8% |
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| That is the consensus forecast from the Federal Reserve Bank for US GDP growth in 2025, according to the Fed’s latest Summary of Economic Projections, released this week. That was down from a forecast of 2.1% growth made in December. The forecast for 2026 was lowered to 1.8% from 2.0% in the previous projection. The Personal Consumption Expenditures inflation number, which is the Fed’s preferred measure, is expected to be 2.7% rather than 2.5% and certainly not the Fed’s target of 2.0%. |
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That was the number of US births in 2024, according to data released this week from the Centers for Disease Control and Prevention. That figure represents a small increase -less than 1% - versus the number in 2023. But according to a report on the data, US birth rates rose only for one demographic: Hispanic women. Low birth rates are a major issue not only in the US but most of the rest of the world, except in parts of Africa. Low population growth leads to aging societies, and the related problem of not enough younger workers to help support an elderly population. The general fertility rate of 54.5 births per 1,000 women in 2023 was the lowest ever recorded since data collection began in 1909, according to the CDC report.