CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

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CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

US economic prospects looking good, Germany’s not so much: Bloomberg

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Selling into the US market is looking good for the next two years as US manufacturing activity expanded at the fastest pace since September 2022, powered by stronger orders growth. PHOTO courtesy Lincoln Electric.

Canadian job shops exporting to the US should be more optimistic about growth in business over the next two years compared to those with customers predominantly in Europe, according to the findings from the latest Bloomberg survey.

The survey found that while forecasters largely expect the US economy to lose some steam after a blockbuster 2023, a still-robust labor market and receding inflation continue to support mostly solid household demand. US manufacturing activity expanded at the fastest pace since September 2022, powered by stronger orders growth and suggesting producers are breaking out of an extended slump, Bloomberg notes.

“While only modest, the gauge has shown growth in consecutive months for the first time in over a year,” Bloomberg states.

In Europe, however, the German economy is having a tough time emerging from a manufacturing downturn and that is holding back growth at Europe’s top economic power. Gross domestic product will probably only post a small gain this year before stronger momentum takes hold in 2025, according to the government’s estimates, Bloomberg notes.

German Chancellor Olaf Scholz’s government had forecasted 1.3%  growth for his economy but is likely to only see a 0.2% expansion, Bloomberg reports.

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