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Reevaluating the manufacturing supply chain beyond costs
Micah Chaban ManufacturingReshoring manufacturing processes, specifically additive manufacturing processes, have allowed manufacturers to reduce lead times by accelerating access to both supplies and inventory. However, manufacturers are still considering the cost-effectiveness of onshoring manufacturing processes. Traditionally, offshoring manufacturing processes means cutting costs, but not necessarily for all. Manufacturing processes, such as making parts, can still be obtained at competitive prices thanks to novel technologies like 3D printing. Here’s how.
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US employers add 4.8 million jobs in June; jobless rate drops to 11.1%
Seth Sandronsky Business Management, Services & Risk ManagementEmployers added 4.8 million nonfarm jobs in June after hiring 2.5 million workers in May, according to the federal Bureau of Labor Statistics. June’s unemployment rate fell to 11.1% versus May’s 13.3%. Improvement in the labor market for the second straight month was due to a partial resuming of economic activity after nationwide business closures, notably in the hospitality and leisure sectors in March and April, to slow the transmission of the COVID-19 pandemic. That shutdown led to the loss of 22.2 million jobs.
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Rare-earth elements spark resource war
Dave G. Houser Natural ResourcesRare-earth elements (REE) — also known as rare-earth minerals or rare-earth metals — are a group of 17 chemical elements of the periodic table. Although most of them are not terribly rare, they are highly strategic substances and vital components in most of the technology we employ every day. What is rare are deposits of these minerals in high enough concentrations to be feasibly and economically extracted. Presently, about 90% of the global supply of rare-earth elements comes from just one country: China.
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Will the ‘beat China’ bill help the US win back pharmaceutical…
Bambi Majumdar ManufacturingThere has been a staggering 75% increase in U.S. imports of pharmaceuticals from China from 2010 to 2018. To help reverse this trend, some GOP U.S. Senators recently unveiled a bill to incentivize pharmaceutical companies and increase U.S. drug manufacturing. They worked to introduce the Bring Entrepreneurial Advancements to Consumers Here in North America (BEAT CHINA) Act. The goal is to reduce the country’s overdependence on China for critical medications and increase U.S. manufacturing of prescription drugs.
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Infographic: How technology can help the economy recover
Brian Wallace Science & TechnologyTechnology, both as a tool and as an economic sector, has kept the economy going during the pandemic, and it will also figure heavily into the economic recovery. This infographic outlines the state of the economy as well as how technology has aided in economic recoveries in the past.
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Small businesses rush for technological answers, advances during pandemic
Kevin Reynolds Business Management, Services & Risk ManagementThe coronavirus has upended the way small businesses operate for months. One of the longest-lasting impacts of the virus, though, will be how fast and how many small businesses have been forced into investing into technology. With contactless pickup, new payment methods, and cleaning services all far more important than they were at the start of the year, a common denominator in every industry is the need for innovation.
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Warehouse technologies: 3 trends to watch
Gail Short Distribution & WarehousingThese days, many warehouses and distribution centers are under the gun to boost efficiency and productivity and ship products and materials faster than ever. In the e-commerce industry alone, a recent survey by the global consulting firm Capgemini Research Foundation reported that 55% of consumers polled said they would choose a brand or retailer over its competitor if it offered a faster delivery service. That said, a white paper titled "Warehouses of the Future," published by the W.P. Carey School of Business at Arizona State University (ASU), says warehouses are becoming places "not just to store stuff," but places integrated into supply chain processes.
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New advocacy group launches to help America’s small businesses
Seth Sandronsky Business Management, Services & Risk ManagementPolicymakers, beware. Small Business for America’s Future (SBAF) is a new advocacy group, evolved from Businesses for Responsible Tax Reform. Why? Look no further than the performance of Congress and the White House as the COVID-19 pandemic hammered mom-and-pop shops with a crash in consumer demand across the U.S. SBAF surveyed 1,200 small business owners whose responses show the damage as Capitol Hill dithered. For instance, 53% of small business owners have increased debt during the pandemic.
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Pandemic leads to calls for increased domestic pharmaceutical manufacturing
Bambi Majumdar PharmaceuticalThe emergence of the COVID-19 crisis has revealed the glaring truth and danger of how dependent the U.S. is on pharmaceutical imports. Critical shortages of vital pharma and medical resources have hindered the federal government's pandemic response efforts. Experts now say it's time to reduce the reliance on other countries that America has built up over decades in this sector.
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US payrolls add 2.5 million jobs amid reopenings; unemployment drops to…
Seth Sandronsky Business Management, Services & Risk ManagementEmployers added 2.5 million nonfarm jobs in May after April's 20.5 million layoffs, according to the federal Bureau of Labor Statistics. May's rate of unemployment dropped to 13.3% versus 14.7% in April. Some economists had spoken of May's unemployment rate reaching 20%, rivaling the depths of the Great Depression. Instead, the labor market improved due to a partial resuming of economic activity after its curtailment in March and April to slow the spread of the COVID-19 pandemic. However, some areas of the economy did not rebound in May.
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