News and Analysis
This week, during his “State of Manufacturing” address, National Association of Manufacturers (NAM) President and CEO Jay Timmons urged U.S. lawmakers to make permanent the 20% deduction for pass-through entities — a key provision in the 2017 federal tax law. Like other changes in the 2017 overhaul, the pass-through deduction is scheduled to expire at the end of 2025.
In other comments, Timmons credited the Trump administration for reaching a “phase one” trade deal with China, passing the U.S.-Mexico-Canada trade agreement, and making “progress on 91.5% of the regulations that NAM members identified as needing to be modernized.” Read Timmons’ full address. 1/22/2020
News this week that production of Boeing’s 737 Max has been halted until as late as mid-September will have consequences for the company’s supply chain, as well as the U.S. economy.
In a recent post, OMA Connections Partner RSM writes: “It cannot be overstated just how important the domestic and global supply chains associated with Boeing are to the small- and medium-sized businesses that populate the real economy.” The post includes an eye-opening infographic on the 737’s supply chain. 1/22/2020
As noted in the OMA’s “Ohio Manufacturing Counts” publication, automobile and auto-parts makers are among the drivers of Ohio’s economy. So it’s good to see the new United States-Mexico-Canada Agreement (USMCA) — approved last week by the U.S. Senate — is estimated to produce at least 76,000 additional jobs in the auto and auto-parts manufacturing sector over the next five years, according the U.S. Trade Representative’s office.
The OMA thanks Ohio’s U.S. Sens. Rob Portman and Sherrod Brown for voting to approve the USMCA, as well as Ohio’s U.S. House members who voted to support the modernization of America’s largest trade agreement. 1/21/2020
A new report by the U.S. Bureau of Labor Statistics shows that from 2018 to 2019, consumer prices for all items rose 2.3%. Among the categories showing a price decline were wholesale electricity and utility (piped) gas service. Among the products or services exceeding the inflation average were medical care, prescription drugs, and hospital services. 1/21/2020
Next week, Ohio lawmakers return to Columbus, kicking off both chambers’ floor activity. This marks the second and final year of the 133rd General Assembly.
So far, the House and Senate together have introduced more than 700 bills. The OMA is tracking more than 100 of these measures due to their potential impact on manufacturers. OMA’s bill tracking service provides concise summaries and a status update on notable legislation. Bills are categorized by interest area. 1/15/2020
The new year offers some headwinds for manufacturers. But there are also multiple prospects for sustainability and growth. Check out this analysis from OMA Connections Partner RSM on the key trends facing manufacturing in 2020. 1/13/2020
What does successful supply chain management look like?
OMA Connections Partner Clark Schaefer Hackett has published tips for optimizing your supply chain and keeping your customers happy. 1/14/2020
A buy-sell agreement — which formally documents the terms related to a business’ transfer of ownership interests — is one way to help ensure a successful business transition to protect your family in the event of premature death or disability. OMA Connections Partner Plante & Moran has published this summary on how these agreements work and why they’re important. 1/15/2020
The Manufacturing Policy Initiative at Indiana University has published this comparison of the major presidential candidates and where they stand on key manufacturing issues. The publication will be updated throughout the 2020 campaign. 1/14/2020
A new Gallup survey finds 37% of Americans consider themselves conservative, followed by 35% who identify as moderates, and 24% as liberals. Gallup also found that slightly more Americans align with Democrats (47%) than with Republicans (42%). So it appears there’s still middle ground in America. 1/13/2019