The Bi-Weekly Newsletter of the Council of Industry
May 20, 2021
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Manufacturing Industry News
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JPMorgan Chase Economist Briefs Council of Industry Members: Workforce Challenges Will Persist, Inflation Will Subside--from May 14
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JPMorgan Chase’s Jim Glassman, Managing Director and Head Economist for Commercial Banking, briefed Council members on the latest economic trends including inflation concerns, supply chain disruption and labor market conditions. Also participating from Chase was Vice President and Relationship Manager, Chis Shaw, who provided some Hudson Valley perspective.
In a wide-ranging discussion Glassman said the workforce challenges are not new and not going away anytime soon. The demography of an aging workforce remains the primary driver with extended unemployment benefits and other COVID-related concerns adding a temporary disruption. On inflation he agrees with the Federal Reserve Board that the effects will be transitory, and he believes we are already seeing some abatement.
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HV Mfg Spring 2021 Edition Now Available Online!
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In this edition of HV Mfg, we attempt to look at the realities, opportunities and challenges that will exist for manufacturers in a post pandemic world.
For many Hudson Valley manufacturers, the past 14 months have been a rollercoaster ride of challenges and opportunities. The health and wellbeing of our employees and their families, supply chain issues, lost business, pivots to new products and customers, government interference and government assistance, have provided many ups and downs, highs and lows and twist and turns which have left us feeling at once exhilarated and exhausted.
Click the links below to view our profiles and stories from our guest contributors in the digital edition of HV Mfg. We would like to thank our wonderful advertisers who make this publication possible; we appreciate your support.
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APPRENTICE PROGRAM
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For information on advertising in this and other CI publications
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How CEOs Are Planning for Post-Pandemic Economic Boom
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Kara Goldin, CEO of unsweetened water producer Hint, says the company's resilient supply chain helped it score a distribution deal with Costco during the pandemic when sourcing became an issue. Hint is one of many companies with plans to expand in the booming post-pandemic economy through new products and an intense focus on individual customer relationships.
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Creating a Culture of Accountability
By Donald J. Hahn Chief Growth Officer, Ignition Life Solutions
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What is organizational effectiveness? Goals are achieved through adherence to a well-conceived and well managed plan which mobilizes your assets and focuses your resources on an unwavering dedication to persevere. Not your eloquent plan, not your intelligence nor your team’s tenure nor even how well you have documented processes are enough to make you successful.
What then is the key to sustained success? If you thought deeply enough, peeled away enough layers and looked in places we seldom search and rarely invest you probably concluded that in some way;the only sustainable advantage possible is an ongoing investment in your culture and your people. Alignment and focus on human capital have been and always will be, at the core, your sustainable differentiator.
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Global Manufacturing Soars, but Input Costs Soar at Fastest Pace in 10 Years
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The J.P. Morgan Global Manufacturing PMI rose from 55.0 in March to 55.8 in April, the fastest pace in 11 years, buoyed by growth in new orders, output and hiring, each of which was the strongest in at least a decade. Overall, manufacturers remain very upbeat in their outlook for production over the next six months. However, survey respondents also cited significant supply chain disruptions, with input costs soaring at the fastest pace since March 2011. The country-by-country data also reflected these larger trends, with robust growth in orders and output, but also in raw material prices.
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Companies Are Increasing Mental Health Benefits
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As one of the largest U.S. employers at 1.5 million, Walmart often sets the stage for policies, both in terms of business processes and workforce strategies. In the area of mental well-being, Walmart announced May 5 that it has expanded its mental health benefits by more than tripling (from three sessions per year to 10 sessions) the number of no-cost counseling sessions that will be available to U.S. associates and their families.
The “emotional well-being” benefit, as the company calls it, includes help dealing with stress, anxiety, depression, grief, personal and professional relationships, family conflict, substance abuse, coping with change, parenting and more.
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GOP-Led States Move to End Enhanced Federal Unemployment Benefits Early
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A growing number of Republican governors are moving to end enhanced federal unemployment benefits early in a controversial move they say will push people back to work and help employers fill open positions. President Joe Biden and his administration have rejected the idea that enhanced benefits are keeping unemployed workers sitting at home.The GOP governors of Mississippi and Alabama on Monday were the latest to announce an early end to pandemic-related federal unemployment benefits, joining officials in Montana, South Carolina and Arkansas, all of whom announced last week that they would terminate the enhanced benefits before the end of June–months before the programs expire in September.
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Senate Democrats Skeptical of Extending $300 Unemployment Benefit Beyond September
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Senate Democrats are signaling they’re unlikely to extend a $300 federal weekly unemployment benefit past September, especially if the economy continues to recover. Sen. Joe Manchin (D-W.Va.) is already making it clear he will not support extending the benefits past September 6. Senate Majority Leader Chuck Schumer said at a Tuesday press conference there was “overwhelming support” among Democrats to keep providing the additional money to existing unemployment insurance. But not every member of his caucus is on board, particularly after last week’s weaker-than-expected April jobs report.
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Top 10 OSHA Violations of 2020
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For the 10th consecutive year, the most frequently cited violation of OSHA standards is fall protection, indicating that despite all of the protocols, procedures and equipment in place to protect workers from falls, this is still a major workplace issue. In its reveal of the top 10 safety violations of 2020 (which for OSHA's fiscal year encompasses October 1, 2019, to September 30, 2020), the agency noted that while the order these standards appear on the list changed somewhat since the previous year, it's the same 10 from 2019, according to Patrick Kapust, deputy director of OSHA's Directorate of Enforcement Programs.
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Chip Shortage Spurs Ford to Redesign Components
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Ford is addressing the semiconductor shortage by changing its supply chain strategy and redesigning components to match with existing chip designs, CEO Jim Farley says. "We think we need to look at buffer stocks, actual direct contracts with some of the foundries," Farley says.
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NAM Study on the Effect of Increasing the Corporate Tax Rate
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The NAM released a new study Friday that shows that proposed tax increases would inflict significant damage on the American economy. The new analysis calculated the effects of increasing the corporate tax rate to 25%, increasing the top marginal tax rate, repealing the 20% pass-through deduction, eliminating certain expensing provisions and more. This study follows a previous NAM analysis of provisions that included a 28% corporate rate. The negative consequences would include the following:
- One million jobs would be lost in the first two years.
- The average reduction in employment would be equivalent to a loss of 500,000 jobs per year over the next decade.
- By 2023, GDP would be down by $107 billion, by $169 billion in 2026 and by $89 billion in 2031.
- Ordinary capital, or investments in equipment and structures, would be $70 billion less in 2023 and $70 billion and $51 billion less in 2026 and 2031, respectively.
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What's Happening in Your Association
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Please Note: Council of Industry Address Change
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The Council of Industry office is located at 263 Route 17K, Suite 106, Newburgh, NY 12550. Please ensure all mail is addressed to this location.
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Understanding the Employee Retention Credit
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When: Monday, May, 24, 2021
01:30pm - 02:30pm
Where: Zoom Webinar
Cost: Free for Members
-Basic overview of eligibility and benefits of the Employee Retention Credit (“ERC”) in 2020 and 2021
-Understanding eligibility due to government shutdown
-Interplay between PPP Forgiveness and the ERC and how to maximize benefits
-Mechanics of claiming the ERC for 2020 and 2021
Speakers:
Gretchen Guenther, CPA, Partner
A Partner with TBC, Gretchen focuses her time on individual and corporate taxation, including tax planning as well as tax compliance issues. She is licensed to practice accounting and law in New York State. Prior to rejoining the firm in 2017, she was an associate with the firm from 2000-2007. During her 10 year hiatus, she was a full-time accounting professor at the College of Saint Rose and climbed to the rank of interim dean of the Huether School of Business after serving as the Accounting Department Chair for several years.
Ryan McEvoy, CPA, Partner
As an audit Partner, Ryan is responsible for managing all phases of audit, review, and compilation engagements. Ryan’s experience includes a diverse client base consisting of companies in the technology, distribution, construction, renewable energy, and healthcare industries. He is on the Firm’s internal committees for manufacturing, technology and wholesale/distribution clients.
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What Does Legalization Mean for Manufacturing Employers? A Discussion with Jackson Lewis--from May 11
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Tom McDonough and Rob Guidotti presented an interactive discussion about best practices and strategies for complying with NYS law and ensuring a safe and productive workplace. Legalized recreational marijuana in New York State will have a significant impact on employers, their drug-free workplace policies and their drug testing practices.
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JPMorgan Chase Briefs Council of Industry Members: Workforce Challenges Will Persist, Inflation Will Subside--from May 14
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JPMorgan Chase’s Jim Glassman, Managing Director and Head Economist for Commercial Banking, briefed Council members on the latest economic trends including inflation concerns, supply chain disruption and labor market conditions. Also participating from Chase was Vice President and Relationship Manager, Chis Shaw, who provided some Hudson Valley perspective.
In a wide-ranging discussion Glassman said the workforce challenges are not new and not going away anytime soon. The demography of an aging workforce remains the primary driver with extended unemployment benefits and other COVID-related concerns adding a temporary disruption. On inflation he agrees with the Federal Reserve Board that the effects will be transitory, and he believes we are already seeing some abatement.
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The Manufacturing Matters Podcast
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Manufacturing Matters Podcast: Shawn George, Manager Operations/Quality Assurance, Universal Thin Film
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In this episode, Harold King speaks with Shawn George about this growing business and important technology. Thin film coatings are used in a wide range of applications for many purposes.They can be used to protect displays from scratches or environmental exposure, create a specific degree of reflectivity on a lens or build layers of metallization on semiconductor wafers.
Universal Thin Film has been in business for more than 30 years and Shawn is helping them expand into new industry sectors and further develop the technology.
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Be a Guest on the Podcast!
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The Council of Industry extends thanks to all Manufacturing Matters guests and listeners for their support. With more than 40 episodes released, we've documented countless conversations with local manufacturers.
In 2021, we're looking to introduce new faces to the podcast. If you or someone you know is involved in the Hudson Valley manufacturing sector and would like to be a guest on Manufacturing Matters, please contact Johnnieanne Hansen at [email protected].
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