Member Briefing April 30, 2026

Core Capital Goods Orders Jump 3.3% In March

New orders for key U.S.-manufactured capital goods increased by the most in nearly six years in March while their shipments rose solidly, suggesting that business spending on ​equipment helped drive economic growth in the first quarter. While other data from the Commerce Department on Wednesday showed a sharp widening in the goods trade deficit last month amid ‌strong import growth, the anticipated drag on gross domestic product from the shortfall was likely blunted by a strong increase in business inventories. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, jumped 3.3% last month, the Commerce Department's Census Bureau said. That was the largest rise since ​June 2020 and followed an upwardly revised 1.6% increase in February.

The broad rise in orders was led by computers and electronic products, which shot up 3.7%, reflecting strong demand for communications equipment. There were also solid gains in orders for machinery, electrical equipment, appliances and components. Shipments of core capital goods advanced 1.2% after rising 1.3% in February. They are among ​the components that go into the calculation of the business spending on equipment component in the GDP report. "The stunning degree ⁠of strength during a month when firms would have had valid reason to be cautious attests to the substantial energy in business investment that was bottled up last year due to policy-related uncertainty," said Stephen ​Stanley, chief U.S. economist at Santander U.S. Capital Markets.

Read more at Reuters

Federal Reserve Holds Interest Rates Steady With Dissenting Votes

The Federal Reserve held interest rates steady for the third consecutive policy meeting this year, amid a surge in oil prices and increased economic uncertainty from the Iran war. The central bank voted in a split decision on Wednesday to hold its benchmark interest rate in the range of 3.5% to 3.75%. Fed Governor Stephen Miran disagreed, preferring to cut rates by a quarter percentage point; while Cleveland Fed president Beth Hammack, Minneapolis Fed president Neel Kashkari and Dallas Fed President Lorie Logan, who supported maintaining rates, did not support including an easing bias in the policy statement, and thus dissented. The last time there were four dissents was October 6, 1992.

The policy statement retained language that “in considering the extent and timing of additional adjustments … the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.” That language is considered an easing bias. Several members of the central bank have favored changing language to show there’s an equal chance of raising rates as there is lowering rates. Fed officials noted that inflation is elevated in part reflecting the recent increase in global energy prices. They also said that developments in the Middle East are contributing to a high level of “uncertainty” about the economic outlook.

Read More at Yahoo Finance

Despite Tariffs, Global Trade Keeps Growing – Just With New Partners

One year after President Donald Trump announced a raft of tariffs on a slew of countries intended to “free” the United States from dependence on foreign goods, using the moniker “Liberation Day,’’ global trade continues to expand and set records. The pace of that expansion is likely to slow this year. But it’s not reversing direction. “Trade is a little bit like water,” said Cecilia Malmström, a former European commissioner for trade, “It finds new ways all the time” to circumvent obstacles that governments impose on it.

This new trade order is messy. And it was made messier in February, when the U.S. Supreme Court struck down as illegal an array of tariffs imposed by Mr. Trump through executive orders. Nations are unlikely to stop diversifying because of America’s state of flux. But they are just as unlikely to back away from trade with the U.S. and China. And the two behemoths still traded with one another to the tune of more than $400 billion last year. Instead, other nations are making a conscious push to diversify beyond U.S. tariffs and China’s chokehold over strategic industries as a way to reduce risk in uncertain times. That pressure, especially from the U.S., is accelerating the diversification.

Read more at the Christian Science Monitor

Iran and the Middle East

• As Hormuz Traffic Stalls, U.S. Pitches New Coalition To Get Ships Moving Again - WSJ
• Trump Urges Iran To Sign A Deal And Discusses Prolonged Blockade – Reuters
• Middle East Peace Talks Stall Amid Hormuz Tensions, Ceasefire Violations In Lebanon – France 24
• Iran’s Rial Currency Hits Record Low As Shaky Ceasefire With US And Israel Holds - AP
• Oil Prices Rebound To Highest In Weeks With Trump Reportedly Preparing To Extend Iran Blockade - CNBC
• Iranians Feel the Pain as Their Economy Descends Into a Death Spiral - WSJ
• Israeli Maps Outline Expanded Zone Of Military Control In Gaza - Reuters
• Interactive Map – US and Israeli Attack in Iran – ArcGIS Story Maps
• Map – Conflicts in the Middle East – Live Universal Awareness Map

Ukraine

• Inside Ukraine's Drive To Defeat The Dreaded Shahed Drone – Reuters
• Another Russian Oil Facility Burns After Zelenskyy Touts Ukraine’s Drone Reach - AP
• Kyiv Asks Israel To Seize Ship Allegedly Smuggling Grain From Occupied Ukraine - Politico
• Russia’s Victory Day Parade Will Be Missing Tanks and Other Heavy Military Armor - NYT
• Russia's Medvedev Questions US Suitability To Play Role Of Conflict Mediator - Reuters
• Private Air Defence Takes Off In Ukraine - Reuters
• Interactive Map: Assessed Control Of Terrain In Ukraine – Institute For The Study Of War
• Map – Tracking Russia’s Invasion Of Ukraine – Live Universal Awareness Map

Other World Headlines

• OPEC+ Set To Agree Another Oil Output Hike Without UAE, Sources Say – Yahoo Finance
• U.S. Charges Governor of Mexico’s Sinaloa State With Drug Trafficking - WSJ
• Berlin Deepens Military Ties With Washington While Merz-Trump Rift Grows - Politico
• Japan’s Prime Minister Launches A Panel To Review Her Country’s Defense Policies As Threats Escalate - AP
• Hungary’s Magyar Meets Von Der Leyen To Game-Plan Unlocking Frozen EU Funds - Politico
• UK Police Declare Stabbing Of Two Jewish Men A Terrorist Incident – France 24
• China’s Newest Tech Billionaire Made His Fortune From Developing Image Sensor Chips For Robotics - Forbes
• From A Brooch To The Queen's iPod: A History Of Gifts Between The U.S. And U.K.– CBS

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House Republicans Pass Framework for Funding ICE

The House took a major step late Wednesday toward funding the Department of Homeland Security’s immigration-enforcement arms, passing a budget framework after GOP holdouts agreed to drop their five-hour blockade and back the measure. The House ultimately voted 215 to 211, along party lines, to pass the budget resolution, which has already been cleared by the Senate. The one GOP-aligned independent voted “present.”

The budget framework now allows Republicans to work on a budget-reconciliation bill to fund Immigration and Customs Enforcement and Border Patrol, which Democrats have refused to support. Using that procedure allows Republicans to pass the measure with just a simple majority in the Senate, where legislation typically requires 60 votes, and President Trump has said he wants the measure on his desk by June 1. The same technique was used by the GOP to pass Trump’s tax law last year.

Read more at The WSJ

DiNapoli: Local Sales Tax Collections Total $6.1 Billion, Up 5.1% in First Quarter

Local government sales tax collections totaled $6.1 billion in the first quarter (January-March) of 2026, an increase of 5.1% ($295 million) compared to the same quarter last year. Nine of the 10 regions in the state, including New York City, had a year-over-year increase in collections, according to a report released today by State Comptroller Thomas P. DiNapoli. First quarter growth statewide was higher than the year-over-year growth for the same quarter in 2024 (1.6%) and 2025 (3.2%).

New York City’s sales tax collections totaled over $2.8 billion in the first quarter, an increase of 6.2% ($166 million), year over year. Meanwhile, aggregate first quarter collections for counties and cities outside the city grew by 3.9% ($107 million). Regional increases ranged from 0.5% (Mohawk Valley) to 5.8% (Central New York), with the Finger Lakes being the only region to see a year-over-year decline (-1.2%). Over 80% (47 of 57) of counties outside of New York City experienced a year-over-year increase in first quarter collections, with 39% seeing over 5% growth. Ulster County had the highest quarterly growth at 10.7%, followed by Genesee County at 9.7%, Seneca County at 9.6%, and Saratoga and Cattaraugus counties at 8.4% each.

Read More at The Comptroller’s Website

The New Joint Employer Proposal: A Push For ‘Uniformity’

The U.S. Department of Labor on April 22 unveiled its proposed joint employer status rule, a closely watched area where regulations have been upended several times between the Biden and Trump administrations. The latest proposal, according to the DOL, pursues a “single, nationwide standard” to guide decision-making related to joint employment—when two or more entities could be considered to employ the same worker, a question that arises in franchise, staffing agency and outsourcing arrangements, for instance.

The proposal sets forth that employment decisions be based primarily on four factors, including whether the organization is responsible for hiring and firing the employee; manages work schedule and employment conditions “to a substantial degree”; sets pay; and maintains the employee’s records. The DOL cautioned that other factors can be considered, but a unanimous finding on these four would suggest a “substantial likelihood” to inform the joint employment assessment. The rule would apply to decisions under the Fair Labor Standards Act, Family and Medical Leave Act and Migrant and Seasonal Agricultural Worker Protection Act.

Read more at HR Executive

More Policy and Politics Headlines

• Virginia Supreme Court Leaves Order Temporarily Blocking Redistricting Certification In Place – The Hill
• Florida Lawmakers Approve Redistricting Plan Intended To Give GOP Four More Seats – Washington Post
• Warsh, Trump's Fed Chair Pick, Moves Closer To Confirmation - Politico
• Supreme Court Weighs Trump Bid To End TPS Protections For Migrants - Reuters
• Jerome Powell Says He's Staying On As A Fed Governor – Yahoo Finance
• White House Correspondents’ Shooting Suspect Took Photo With Weapons Before Dinner - WSJ
• Pentagon CFO: Iran War Has Cost $25 Billion So Far – The Hill
• Hegseth Defends Iran War’s Mission, Costs In First Testimony Since Conflict Began -CNBC
• Supreme Court Rules Louisiana's House Map An 'Unconstitutional Racial Gerrymander' - NPR
• Jeff Bezos and Tim Cook Among Guests at State Dinner Honoring King Charles III and Queen Camilla - WSJ
• Trump Hosts Artemis II Astronauts At White House – The Hill

11 Cancers On The Rise In Young People - Scientists Find First Clue Why It's Happening

There are 11 types of cancer, including bowel and ovarian cancer, that are increasing among people aged 20 to 49 between 2001 and 2019, according to analysis by researchers from the Institute of Cancer Research and Imperial College London. Obesity is the only known behavioral risk factor that has been increasing in younger adults over this period, while more established risks such as smoking, alcohol, red meat and physical inactivity have all remained stable or in decline in England. This led researchers to conclude that the increase in obesity was a key factor behind the rising rate of cancer cases. Excess weight was associated with 10 of the cancers identified, including thyroid, kidney and pancreatic cancer, with oral cancer being the only exception.

Despite obesity being identified as a key risk factor behind the rising cancer rates among younger adults in England, researchers have said that it is not sufficient to explain the overall rise, indicating that there may also be unknown causes. Michelle Mitchell, the chief executive of Cancer Research UK, said “Overweight and obesity doesn’t explain the rise in full though. Improvements in detection are likely to also be playing a part, meaning that more people are being diagnosed at a younger age.” He added that “Preventing cancer cases must be a priority for the UK government. Measures to restrict the advertising and promotion of junk food, introducing mandatory reporting and targets on healthy food sales, and making nutritious food more accessible to everyone, would all help people keep a healthy weight.”

Read more at BBC

Upcoming Council Programs

Events

Manufacturing Champions Award Breakfast and Workforce Developers Expo - Thursday May 7, 2026 -7:45 - 10:00 AM. West Hills Country Club, Middletown.

Insight Exchange - On Demand Webinars

CMMC for Legacy Equipment: Securing Specialized Assets with Zero Trust Micro-Enclaves - Presented by Marc Hoover, Trout Software.

See previous episodes here!

Training

Introduction to Lean With Simulation, In Person at iPark 87 in Kingston.  May 19. 8:30 - 4:30.

Trade Wars

• Feds Have Rejected 15% Of Businesses' Tariff Refund Claims– CBS
• U.S. Lost $107 Billion From Tariff Evasion in 2025, Report Says – Dow Jones
• FedEx, UPS Vow To Return Tariff Refunds To Customers - Reuters
• First Tariff Refund Payment Set to Go Out May 11- Transport Topics

The U.S. Wants to Ban China’s High-Tech Cars, but They’re Already Here in El Paso

Just 5 miles from the U.S. border, a bustling commercial strip here offers the buzzy Chinese car brands currently blocked from the American market. A Geely dealership features the all-electric EX2, a sleek compact that starts at only around $20,000. A bulky hybrid pickup truck sits next to a charger outside a BYD dealership. Great Wall Motor boasts some beefy gas-powered sport-utility vehicles, one advertised with the slogan “Be More Tank.” Luis Hernandez, a Geely salesman, said he has poached many longtime Ford and Chevrolet owners attracted to the affordable sticker prices and whiz-bang Chinese technology.

He recently sold two Geely Emgrand sedans, which start at around $17,000, to a Mexican family for their two daughters to commute to college in El Paso, where the sleekest Chinese cars are now attracting attention. “If they were allowed to be sold in the United States,” Hernandez boasted of the Chinese models, “they would destroy the American car market.” U.S. automotive executives don’t entirely disagree. Without a clear plan to deal with Chinese competitors, some of them said in interviews, the arrival of affordable, high-tech Chinese cars could upend a U.S. industry that contributes $1.3 trillion to the economy each year.

Read more at the WSJ

Key Earnings Reports

NXP Semiconductors reported first-quarter earnings Tuesday that blew away Wall Street’s estimates. The Dutch company reported adjusted earnings of $3.05 per share, beating LSEG expectations of $2.95. The company’s revenue of $3.18 billion, a 12% increase year-over-year, also beat the LSEG forecast of $3.16 billion. CEO Rafael Sotomayor attributed the growth to “industrial and automotive processing that supports software-defined vehicles and physical AI.” Unlike other semiconductor companies like Nvidia and Advanced Micro Devices, NXP does not make graphics processing units. Its chips, largely used in automobiles, power infrastructure tasks for data centers rather than AI compute. CNBC

Microsoft reported more robust fiscal third-quarter results than analysts had expected. Earnings per share were $4.27 and revenue was $82.89 billion. Microsoft’s revenue grew 18% year over year in the quarter, which ended on March 31, according to a statement. Net income of $31.78 billion, or $4.27 per share, was up from $25.82 billion, or $3.46 per share, in the same quarter a year earlier. Adjusted earnings exclude a $14 million decrease in net income from Microsoft’s OpenAI investments. - CNBC

Meta reported earnings Wednesday that beat expectations EPS were $10.44, versus analysts’ $6.67. Revenue was $56.3 billion compared with the $55.557 billion FactSet analyst consensus. Meta said its capex for 2026 would be $125 to 145 billion, compared with analysts’ $122.6 billion (and higher than the $115 billion to $135 billion it estimated last quarter). “This reflects our expectations for higher component pricing this year and, to a lesser extent, additional data center costs to support future year capacity,” the company said. Sherwood

Amazon rreported better-than-expected results for the first quarter as momentum in its cloud platform, AWS, reaccelerated. Sales increased by 17% year-over-year to $181.50 billion, with growth across North America, International, and AWS segments. The topline also beat analysts’ expectations of $177.28 billion. AWS was the standout of the quarter as revenue climbed 28% year‑over‑year to $37.6 billion, marking its fastest growth rate in 15 quarters. Operating income for the cloud division also rose to $14.2 billion, up from $11.5 billion last year. Yahoo Finance

Qualcomm announced its second quarter earnings on Wednesday, topping Wall Street estimates on top and bottom lines, but falling short on Q3 guidance. The company said it anticipates third quarter revenue of between $9.2 billion and $10 billion. Analysts were looking for $10.23 billion. For the second quarter, Qualcomm reported earnings per share (EPS) of $2.65 on revenue of $10.59 billion. Wall Street analysts were looking for EPS of $2.55 on revenue of $10.56 billion, according to Bloomberg analyst consensus estimates. Yahoo Finance

Ford Motor raised its 2026 guidance on Wednesday after beating Wall Street’s first-quarter expectations and reporting a $1.3 billion tariff refund. The first-quarter results significantly outperformed Ford’s performance from a year earlier, despite a 4% decline in wholesale units during the time period. Its overall revenue increased 6% to $43.3 billion and its adjusted earnings before interest and taxes more than tripled from $1 billion to $3.5 billion. Net income jumped to $2.5 billion, or 63 cents a share, up from $500 million, or 12 cents a share, a year earlier.  CNBC

Google parent Alphabet reported its first quarter results on Wednesday, beating on the top and bottom lines, on strong cloud growth. For the quarter, Alphabet saw earnings per share of $5.11 on revenue of $109.9 billion. Wall Street was anticipating EPS of $2.62 on revenue of $107.1 billion. Alphabet saw EPS of $2.81 and revenue of $90.23 billion in the same period last year. Google’s cloud revenue came in at $20.03 billion, versus expectations of $18.4 billion. Yahoo Finance

Another High-Volume Order for 737 MAX Jets

Panama-based Copa Airlines ordered 40 Boeing 737 MAX aircraft, a booking that includes purchase options for 20 more of those narrow-body jets. Deliveries are scheduled to begin in 2030 and continue through 2034. Neither Boeing nor its customer reported the cost of its order, but estimates place the value at $13.5 billion based on the list prices for the 737 MAX. Boeing’s best-selling commercial jet has had an encouraging rebound in recent months, following two prolonged delays in production The recovery track began in 2025, and Boeing posted new orders for 577 of the aircraft last year.

Like numerous airlines, the Panamanian flag carrier claimed it selected the 737 MAX as part of fleet expansion effort, focusing on the flexibility of the MAX 8 and MAX 9 variants for high-density shorter flights, but also some long-distance routes from Panama City to North America, Latin America and the Caribbean. "For Copa Airlines, the signing of this agreement represents an important step in further strengthening the operation and connectivity we provide from Panama," stated CEO Pedro Heilbron.

Read more at American Machinist

Defense Department Awards Over $200M To 26 R&D Projects

The Department of Defense awarded more than $200 million in year-two awards to 26 projects across eight regional hubs under its research and development program, Microelectronics Commons, the National Security Technology Accelerator announced Tuesday. The awards were funded through the Naval Surface Warfare Center, Crane Division’s Other Transaction Authority contract vehicle, the Strategic and Spectrum Mission Advanced Resilient Systems Other Transaction Authority, or S2MARTS.

The hubs focus on six main technical areas: 5G/6G, artificial intelligence hardware, commercial leap-ahead, electromagnetic warfare, secure edge/Internet of Things computing and quantum technology. The agency has posted a call for projects for year three on April 20. The 26 projects have “demonstrated strong potential to accelerate and strengthen domestic prototyping capabilities,” NSTXL said in the press release. Microelectronics Commons’ eight regional innovation hubs were established in September 2023 and are located in Massachusetts, Indiana, North Carolina, Arizona, Ohio, New York and California.

Read more at Manufacturing Dive

Mercedes-Benz Secures Multi-Year EV Battery Supply Deal With Samsung SDI

Battery maker Samsung SDI announced in a press release that it secured an electric vehicle battery supply deal with Mercedes-Benz, its first supplier agreement with the automaker. As part of the multi-year supply partnership, Samsung SDI will provide Mercedes-Benz with high-energy, nickel manganese cobalt batteries for its future EVs. The two companies also plan to expand their strategic cooperation to include joint development of next-generation battery technology, per the release.

“This partnership brings together the innovative DNA of both companies,” Samsung SDI said in the release. “It is meaningful in that Samsung SDI has secured a battery order aimed at strengthening its position in the global EV market.” Mercedes-Benz plans to use the high-nickel, NCM batteries supplied by Samsung SDI in its future compact and mid-size electric SUVs and coupe models as part of its strategy to target the next-generation EV market, per the release. The automaker also unveiled the all-new electric C-Class on Monday, April 20 in Seoul, South Korea. Production will begin at the Mercedes-Benz Kecskemét plant in Hungary during the second quarter of 2026. North America deliveries are slated to begin in early 2027.

Read more at Supply Chain Dive

Senate GOP Backs $1.5T Defense Budget For Jobs, Growth

The Senate Armed Services Committee (SASC) is rolling out its messaging playbook ahead of the Trump administration’s push to pass President Trump’s $1.5 trillion defense budget request, arguing that increasing defense spending will create more jobs and boost local economies. The committee has created a website, dubbed “American Arsenal,” to highlight the jobs created with increased defense spending and the ramped-up expenditures have already spurred facilities in states such as Alabama, Arkansas, Florida, Indiana, Iowa, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota and South Dakota.

The Trump administration is looking to allocate $1.15 trillion in the base defense budget of the upcoming National Defense Authorization Act and proposed $350 billion to be pushed through the reconciliation process. The massive $1.5 trillion request earmarks $750 billion for the Golden Dome missile defense system, a priority for Trump, as well as drone development, artificial intelligence and evolving the defense industrial base. The Pentagon is also asking for $102 billion for aircraft procurement and research and development, close to $75 billion for drones and counter-drone efforts and technologies and about $65 billion to build 18 Navy warships and 16 support ships – part of the president’s “Golden Fleet” push.

Read more at The Hill

Cleveland-Cliffs Partners With Palantir On AI-Driven Steelmaking

Cleveland-Cliffs has agreed to deploy Palantir Technologies’ artificial intelligence platform across its flat-rolled steel manufacturing footprint as part of a three-year partnership. The Cleveland-based company on Tuesday said it will embed AI directly into its “production planning, order entry and operational workflows to better integrate data, anticipate constraints and coordinate activities across its facilities in real time.”

The partnership comes as manufacturers look to adopt AI to enhance their operations, cut costs and remain competitive as production processes become more digitally-driven. Companies like shipbuilder HII are starting to pilot physical AI to automate certain manufacturing tasks before scaling the robotics across their enterprises. Cleveland-Cliffs said its agreement with Palantir will be key to driving productivity, improving performance and staying “ahead of the curve.”

Read More at Manufacturing Dive

Global Infrastructure Spending To Top $150 Trillion Through 2050

Global infrastructure is entering an unprecedented investment cycle, with annual spending forecast to rise from US$4.4 trillion in 2024 to US$6.9 trillion in 2050, according to PwC’s Global Infrastructure Outlook, released today. Across the period, cumulative global investment is forecast to reach US$151.1 trillion, as countries modernise transport, power and industrial systems to meet the demands of AI, electrification and urbanization. In real terms, the forecast suggests global infrastructure spending over the next 25 years will be double that of the past 20 years, before which comparable data is unavailable.

PwC’s analysis is the first of its kind to offer long-term infrastructure spending forecasts to 2050 for nine sectors, 20 subsectors and 45 countries and territories, which represent 88% of global economic output. It draws on the last 20 years of spending data and models future spending based on economic and policy factors. The outlook highlights that investment in power, transport and digital infrastructure will converge to create more intelligent networks, where traditional assets operate as part of connected, digitally enabled and electrified systems.

Read more at the PWC

Gasoline Stocks Plummet, Prices Climb With Peak Demand Season Around The Corner

Government data released on Wednesday showed a 6.08 million-barrel decline in gasoline stockpiles ⁠last week, part of a massive drawdown in U.S. energy inventories as countries turn to America to cover ​supply gaps. Exports of crude oil hit a record last week, helping to further drive up prices which are already ​over $100 a barrel. Gasoline stockpiles are now 5.98 million barrels, or nearly 3%, below the previous five-year average, according to EIA data. Refinery production, meanwhile, held relatively steady week-over-week at just under 90% utilization.

Refinery outages in the Midwest and on the U.S. Gulf Coast are compounding the supply crunch. BP's (BP.L), opens new tab 440,000 bpd Whiting refinery was hit by a power outage on Sunday, while Shell's (SHEL.L), opens new tab 250,000 bpd Norco refinery in Louisiana suffered a fire on Tuesday. In parts of the Midwest, ​prices are anticipated to climb ​above $5 a gallon as ⁠a result of the Whiting outage, according to Patrick De Haan, an analyst for GasBuddy. Gasoline futures were trading up 5% on Wednesday at $3.7423 a gallon, their highest level since 2022.

Read more at Reuters

Daily Market Update Apr 29, 2026

The June ’26 natural gas contract is trading down $0.05 at $2.64. The June ‘26 crude oil contract is up $3.97 at $103.90. 

Read more at NRG

Learn more about the Council of Industry Energy Buying Group

Quote of the Day

 "The preservation of the sacred fire of liberty, and the destiny of the Republican model of Government, are justly considered as deeply, perhaps as finally staked, on the experiment entrusted to the hands of the American people".

George Washington - American General and First President from his Innagural address delivered on this day in 1789.

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