August 10, 2017 - The global manufacturing sector has turned a corner, expanding modestly on improving demand and buoyed by stronger economic growth in key export markets and by a weaker U.S. dollar. On that latter point, the U.S. dollar has depreciated 7.6% year-to-date in 2017 against major currencies, but it remained nearly 17% higher than it was three years ago. For manufacturers, growth in the dollar's value over the past three years presents a real challenge as firms seek to increase exports. Yet, that drag was lessened recently, especially with sizable depreciation in the dollar so far this year. Using non-seasonally adjusted data, U.S.-manufactured goods exports have risen 3.9% year-to-date in June relative to the same time period last year - a welcome development after weaker data the past two years. For its part, the International Monetary Fund predicts 3.5% and 3.6% economic growth globally in 2017 and 2018, respectively, up from 3.2% growth in 2016.
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