While the forecast for overall manufacturing production growth for 2015 is lower than previously expected, key drivers will allow for solid fourth quarter advancement, according to the MAPI Foundation's U.S.
A number of factors have challenged economic growth in 2015, among them a second straight severe winter, the West Coast port strike, a strong dollar and collapse of oil prices, but assuming the first two were anomalies, there should be marginal improvement for 2016 according to a new forecast.
U.S. exports of manufactures in July were $94 billion, down 4% from 2014, imports were $153 billion, up 1%, and the trade deficit soared to $59 billion, up by 11%, continuing the double-digit deficit growth during the first half of the year, as analyzed in the MAPI second quarter report on U.S.
The spot price of Brent crude oil reached $115 per barrel in June 2014 and then began to decline. In March of this year, it was down to $52, a decline of 55 percent. The price recovered somewhat, rising to $66 in early May. With the tentative agreement with Iran concerning its nuclear faciliti