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Industrial production exceeds August expectations on September 15, 2023 at 4:59 pm Business News | The Hill

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U.S. industrial production came in hot in August, with gains in mining output and defense production contributing to an upside surprise.

The index for industrial production rose by 0.4 percent in August after advancing by 0.7 percent in July, the Federal Reserve reported Friday. Total production increased to 103.5 percent of its 2017 level, 0.2 percent above where it was the year before.

The consensus estimate for August had been for a 0.2 percent increase. Production has beaten expectations every month since April.

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The operating level for mines, factories and utilities also advanced in August, rising to 79.7 percent of total capacity from 79.5 percent in July and 79 percent in June.

Mining output was 3.9 percent ahead of its level last year, driven by a 3 percent increase in oil and gas extraction. Defense and space equipment manufacturing rose 3.5 percent in August and was up 10.4 percent compared to last year.

Chemical production is also markedly higher from where it was a year ago at a 5.3 percent rise.

The August increases were offset by a 5-percent drop in the production of motor vehicles and parts. Production of apparel and leather was down 3.5 percent, textiles were down 2.7 percent, and plastics and rubber were down 1.3 percent to fall 6.6 percent lower on the year.

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The latest numbers come against a backdrop of efforts by Congress and the Biden administration to reinvigorate the U.S. industrial base as part of a transition to a more environmentally friendly economy.

Major pieces of legislation passed during the first half of the Biden administration, when Democrats controlled both chambers of Congress, have provided billions in tax credits to industries ranging from automobiles to heating and cooling.

The new laws, which span the Inflation Reduction Act, the CHIPS and Science Act and the Bipartisan Infrastructure Law, have contributed to a sizable increase in spending on the construction of new manufacturing facilities in the U.S.

Manufacturing construction spending has more than doubled its highest level in the previous decade, despite recently tapering off.

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Business experts caution it will take time to see this investment translate into changes in U.S. manufacturing and industrial output.

“U.S. manufacturing construction is booming, but U.S. manufacturing output writ large has actually contracted slightly this year,” John Murphy, a vice president with the U.S. Chamber of Commerce, told The Hill.

​Business, News, federal reserve, industrial production, US economy U.S. industrial production came in hot in August, with gains in mining output and defense production contributing to an upside surprise. The index for industrial production rose by 0.4 percent in August after advancing by 0.7 percent in July, the Federal Reserve reported Friday. Total production increased to 103.5 percent of its 2017 level, 0.2…  

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How Spending Money Can Make You More Money

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When it comes to advertising, many businesses hesitate to invest, fearing that spending money won’t lead to more money. However, the data tells a different story. In fact, advertising can be a powerful tool for driving revenue and growing your business.
The Return on Investment (ROI) of Advertising
According to a study by the Interactive Advertising Bureau, every dollar spent on digital advertising returns an average of $1.54 in revenue. This means that for every dollar you invest in advertising, you can expect to see a return of over 50%
The Impact of Advertising on Sales
In another study, Salesforce found that businesses that invest in advertising see an average increase in sales of 15% to 20%. This is because advertising helps to drive awareness, consideration, and conversion, ultimately leading to more sales.
Building Brand Awareness
Advertising can also help to increase brand awareness, which is essential for long-term business growth. According to a study by Nielsen, advertising can increase brand awareness by up to 80%. This means that by investing in advertising, you can reach a wider audience and build a stronger brand. 
Targeting the Right Audience
The key to successful advertising is targeting the right audience with the right message. By using data and analytics to understand your customers, you can create targeted ads that resonate with them and drive results.
Real-Life Examples
Companies like Procter & Gamble, Coca-Cola, and Amazon are just a few examples of businesses that have seen significant returns from their advertising investments. By investing in targeted advertising campaigns, these companies have been able to drive revenue, increase brand awareness, and stay ahead of the competition.
In conclusion, spending money on advertising can be a smart investment for businesses looking to drive revenue and grow their brand. By targeting the right audience with the right message, businesses can see a significant return on investment and achieve long-term success.

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10 Tips To Creating Quality YouTube Content on a Budget

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Producing engaging YouTube videos doesn’t have to break the bank. With the right strategies and tools, you can create high-quality content that resonates with your audience without overspending.

1. Plan Your Content
Define the purpose and message of each video before filming. This clarity will guide your production and editing processes, ensuring efficiency and focus.
2. Leverage Your Smartphone
Modern smartphones have excellent cameras. Use your phone’s camera and invest in a simple tripod and microphone for enhanced stability and audio quality.
3. Free Editing Software
Utilize free or low-cost video editing software like DaVinci Resolve, HitFilm Express, or iMovie. These programs offer powerful editing tools without the hefty price tag.
4. Good Lighting
Take advantage of natural light or invest in affordable lighting options like ring lights or softbox lights.
5. Batch Content Creation
Dedicate a day to shoot multiple videos, saving time and streamlining editing. This approach maintains a consistent posting schedule, crucial for audience engagement and algorithm favorability.
6. Enhance Audio Quality
Invest in an external microphone or record in a quiet environment to minimize background noise.
7. Engage with Your Audience
Respond to comments, ask for feedback, and encourage viewers to engage with your content. This interaction helps understand what your audience enjoys and guides future content creation.
8. Optimize for SEO
Utilize keywords in titles, descriptions, and tags to improve searchability. Research trending topics and tailor content to meet those interests.
9. Collaborate with Other Creators
Partner with other YouTubers to expose yourself to new audiences and fresh content ideas.
10. Keep Learning and Adapting
Analyze performance through YouTube analytics and refine your approach based on what works and what doesn’t.
Creating high-quality YouTube content on a budget requires resourcefulness and strategy. By planning effectively, utilizing available tools, and engaging with your audience, you can produce compelling videos that resonate with viewers without overspending. Focus on delivering value, and your channel will grow!

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Why Businesses Should Advertise More Than Ever in This Economy

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In today’s challenging economic landscape, businesses may be tempted to cut back on advertising to save costs. However, data and expert opinions suggest that maintaining or even increasing advertising efforts can be crucial for survival and growth.

Stand Out in a Less Crowded Field

With many businesses reducing their ad spend, there’s an opportunity to gain more visibility. According to a study by McGraw Hill, companies that continued advertising during the 1981-1982 recession saw 256% higher sales than those that didn’t when the economy recovered.

Cost-Effective Opportunities

The reduced competition for ad space can lead to more affordable advertising options. This allows businesses to get more bang for their buck and potentially reach audiences that were previously out of budget.

Adapt to Changing Consumer Behavior

Economic pressures are changing consumer priorities. Advertising allows businesses to communicate how their products or services meet new needs. For instance, 68% of consumers now prioritize authentic and relatable social media content over polished content.

Local Advertising Impact

Nearly 60% of senior marketing specialists believe local marketing is key to an enterprise’s profitability and growth. Local advertising can be particularly effective and affordable for small to medium-sized businesses.

Digital Advertising Growth

The digital advertising market was valued at $601.8 billion in 2023, with media ads accounting for 67.1% of overall ad expenditure. This highlights the growing importance of digital platforms in reaching consumers.

Video and Short-Form Content Effectiveness

  • 57% of Gen Z and 42% of Millennials prefer short-form video for product discovery
  • 54% of social media marketers choose it as their primary format
  • 33% of marketers plan to invest more in short-form video than any other format

Building Trust and Stability

Consistent advertising during economic downturns signals stability and reliability. This helps build brand authority and consumer trust, which are crucial for long-term success.

Prepare for Economic Recovery

Businesses that maintain their advertising presence during tough times are better positioned to capture market share when the economy improves.

Experiential Marketing

77% of marketers use experiential marketing as a key part of their plan, and 16% plan to try it for the first time. This approach can create memorable brand experiences even in challenging times.

Affordable Options for Small Businesses

Local advertising options like flyers, community partnerships, and targeted digital ads can be cost-effective for businesses with limited budgets.

While the current economy presents challenges, it also offers unique opportunities for businesses willing to invest in smart advertising strategies. By focusing on targeted, cost-effective approaches and leveraging both traditional and digital platforms, businesses can not only survive but thrive in this economic climate. Remember, the key is not just to advertise more, but to advertise smarter, focusing on channels and messages that resonate with your target audience and provide measurable returns on investment.

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Unlock impactful advertising opportunities with Bolanle Media. Our expert team crafts immersive experiences that captivate audiences, driving brand engagement and memorability. Let’s elevate your brand’s marketing strategy together.

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