December 4, 2023 – The Chicago Purchasing Managers’ Index (PMI) makes a tremendous leap in November, and the US economy scores points in other areas as well. Moreover, the WTO teaches the EU a lesson: Climate protection yes, but fair and thoughtful!
US Economy: Chicago PMI Makes Huge Leap!
American Industry on the Rise
Sensational news from the USA: The industrial data for November show a significant increase in new orders! The ISM Manufacturing New Orders Index in the United States rose by an impressive 2.8 percentage points. But that’s not all: The ISM Manufacturing Prices Index even increased by a full 4.8 points – a clear signal for growth.
Chicago PMI Astonishes Analysts
The industrial region around Chicago, known for the regular Chicago Business Barometer, also known as the Chicago PMI, completely surprised the experts. Instead of the expected marginal rise of about 1.4 points for November, the PMI made a huge leap of 11.8 points upwards, reaching a value of 55.8. A real hammer for November 2023!
Optimism in US Industry
These figures show: The US economy is doing better than expected. The partly significant increases in key indices signal a strong boost for the American industry. The Chicago region stands out in particular, exceeding all expectations. A strong sign for the further upswing of the US economy!
WTO Teaches EU a Lesson: Green, but Fair!
WTO Gives EU a Yellow Card
Straight talk from the World Trade Organization (WTO): Just in time for the World Climate Conference COP28 in the United Arab Emirates, it presented its new “Trade Policy Toolkit” to support climate goals – and thus showed Brussels the yellow card clearly.
Ten-Point Plan for Climate-Friendly Trade
The WTO’s ten-point toolkit aims to support countries in achieving their climate goals – without creating unnecessary new trade barriers. Recommendations include:
- Simplifications in customs processing
- Lower tariffs for green technologies
- Reduction of environmentally harmful subsidies
- CO2 pricing, which should not overburden smaller companies
Headwind for the European Green Deal
The WTO clearly opposes key points of the European Green Deal and the CO2 border tax CBAM. The Green Deal is thus indirectly criticized for:
- Complicated import and customs procedures through CO2 tax CBAM
- Green regulations without global cooperation
- Long-term massive subsidies for CO2 emissions, passed on to small and medium-sized enterprises as well as EU citizens
- An overly complex CO2 pricing system that disadvantages small companies and leaves major emitters untouched
Call for a Fairer System
The international community is called upon to follow the WTO and exert diplomatic pressure to create a fairer system for all parties. The WTO thus sends a clear signal: Climate protection yes, but fair and thoughtful!
Thorsten Gerber, CEO of the Gerber Group, added on the subject today: “It remains to be hoped that the WTO can still get through to the lobbyist-led Commission. And that Europe doesn’t have to get a red card for unfair behavior first.”
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