From April to mid-May, the US economic activity expanded at a moderate rate, improving from the previous period. Almost all regions have seen an increase in the economy, and growth in some regions has increased. Manufacturing activities were generally positive, but some regions experienced a slowdown, mainly due to uncertainties in the economic outlook. Agricultural production conditions are still poor, but there are signs of improvement in some areas.
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In the early morning of Thursday, Beijing time, the Federal Reserve announced the Beige Book of the May Economic Outlook Survey. The data was collected from 12 local Feds and the collection time was from April 9 to May 24. The US economy has moderately expanded this time, but the manufacturing industry is facing challenges and the labor market continues to improve.
Economic situation overview
From April to mid-May, the US economic activity expanded at a moderate rate, improving from the previous period. Almost all regions have seen an increase in the economy, and growth in some regions has increased.
Manufacturing activities were generally positive, but some regions experienced a slowdown, mainly due to uncertainties in the economic outlook. The construction and real estate industries have recovered, but the regional differences are large. Consumer spending growth has slowed down, and tourism has been relatively strong, especially in the Southeast, but car sales have cooled. There was a significant difference in loan demand performance across regions but overall.
Agricultural production conditions are still poor, but there are signs of improvement in some areas.
The US economic outlook remains positive in the coming months and is expected to maintain moderate growth.
Employment and salary
The employment situation in the country continued to improve, with moderate to moderate growth in employment in most regions. Demand for recruitment in the retail, commercial services, technology, manufacturing and other industries is stable.
    However, employment growth is still constrained by the tight labor market constraints, and in many areas there is a shortage of general workers and skilled workers. The struggle of employers for the labor force has led to an increase in the salary of some posts. Due to the low overall unemployment rate, wage growth in most regions is relatively mild.
Price
Compared with the previous period, the overall price level of each region has risen moderately. In some areas, the growth rate of input prices has exceeded the selling price, but the impact of the overall operating cost growth of enterprises is still controllable.
In some areas, the freight rate has increased, the prices of production materials have been different, the prices of steel and metals have declined, the prices of construction materials such as timber have remained stable, and the prices of some imported raw materials have risen significantly.
Retailer reports show that market sales price movements are generally stable.
Agricultural product prices have stabilized and rebounded, but still below the historical average.
Regional Fed report highlights
Philadelphia Fed: Trade uncertainty is affecting business investment, and tariffs are the biggest concern for many producers.
New York Fed: Many industries have experienced the cost pressure after the minimum wage increase, and some companies have begun to increase investment in automation.
Chicago Fed: Farmers are still affected by the harsh climate and the low prices of agricultural products.
Boston Fed: Boeing suppliers said that the 737 MAX flight stoppage has not had a serious impact on business operations.
San Francisco Federal Reserve: There is a shortage of workers in the region and a highly stressed labor market.
Market Reaction
After the release of the Fed's Beige Book, the three major US stock indexes rose in a short-term, the Dow rose more than 200 points in intraday trading, and the 10-year US bond yield rose slightly to 2.13%. According to the latest data from FedWatch, CME's CME interest rate observation tool, the Federal Reserve cut interest rate in June by 22.5%, the probability of interest rate cut in July was 71%, and the probability of interest rate cut in September was 92.3%.
Purified water System One of the basic considerations in the design of a system is the type of product that is to be manufactured. For parenteral products where there is a concern for pyrogens, it is expected that Water for Injection will be used. This applies to the formulation of products, as well as to the final washing of components and equipment used in their manufacture. Distillation and Reverse Osmosis (RO) filtration are the only acceptable methods listed in the USP for producing Water for Injection. However, in the bulk Pharmaceutical and Biotechnology industries and some foreign companies, Ultra Filtration (UF) is employed to minimize endotoxins in those drug substances that are administered parenterally.
For some ophthalmic products, such as the ophthalmic irrigating solution, and some inhalation products, such as Sterile Water for Inhalation, where there are pyrogen specifications, it is expected that Water for Injection be used in their formulation. However, for most inhalation and ophthalmic products, purified water is used in their formulation. This also applies to topicals, cosmetics and oral products.
Another design consideration is the temperature of the system. It is recognized that hot (65 – 80℃) systems are self sanitizing. While the cost of other systems may be less expensive for a company, the cost of maintenance, testing and potential problems may be greater than the cost of energy saved.
Whether a system is circulating or one-way is also an important design consideration. Obviously, water in constant motion is less liable to have high levels of contaminant. A one-way water system is basically a "dead-leg".
Finally, and possibly the most important consideration, is the risk assessment or level of quality that is desired. It should be recognized that different products require different quality waters. Parenterals require very pure water with no endotoxins. Topical and oral products require less pure water and do not have a requirement for endotoxins. Even with topical and oral products there are factors that dictate different qualities for water. For example, preservatives in antacids are marginally effective, so more stringent microbial limits have to be set. The quality control department should assess each product manufactured with the water from their system and determine the microbial action limits based on the most microbial sensitive product. In lieu of stringent water action limits in the system the manufacturer can add a microbial reduction step in the manufacturing process for the sensitive drug product(s).
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