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Industry Contributes Over $130B & Many Jobs to US Economy – DTN The Progressive Farmer

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The U.S. fertilizer industry made possible the production of $188.78 million worth of vegetables, fruits, nuts and feed for livestock in 2019. Livestock feed, also grown with fertilizer, helped to create an additional $177.53 million worth of meat, milk and other products such as eggs.

This data, it should be pointed out, were accumulated in 2019 before the COVID-19 pandemic. This has obvious economic effects on all aspects of business but the fertilizer industry was deemed essential by the federal government in March.

In TFI webinar on Thursday, Clark Mica, TFI Vice-President for Legislative Affairs, said the study was updated from a previous economic study. The data is especially useful for when TFI has discussion with policy makers regarding the industry, he said.

“The first question we get asked when we met with members of Congress is ‘how does your industry affect my congressional district,'” Mica said. “We then provide them with the economic data of the industry.”

John Dunham, Managing Partner of John Dunham and Associates who researched the data, said the findings are useful beyond the obvious lobbying uses. Communications to the general public and other various business activities are a couple of other avenues the economic data can be utilized, he said.

“Use it in your Rotary club meetings,” Dunham said. “Use the data when you are talking to local officials as well.”

The publication of the study is the culmination of months of compiling data, including the direct contribution and downstream impacts of the entire fertilizer industry. This would include the entire chain from manufacturers to wholesalers, retailers and goods and service providers.

“The fertilizer industry doesn’t just help grow the food on your dinner table, we also help grow the U.S. economy,” said TFI President and CEO Corey Rosenbusch in a news release.

“We often highlight that fertilizer is responsible for over half of the world’s food production, meaning without our industry we’d only have half as much food for the planet’s growing population,” he said.

“The data in the study shows that we’re not only feeding the world, we’re also feeding our national, state and local economies through direct and indirect employment and wages, the value of the crops and farm products produced with our plant nutrients, and the transportation and logistical network that moves plant nutrients to the farmers to be there exactly when they need them. The movement of fertilizer alone benefits our economy to the tune of nearly $9 billion annually.”

Russ Quinn can be reached at russ.quinn@dtn.com

Follow him on Twitter @RussQuinnDTN

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Paying cash to contractors drives underground economy – Investment Executive

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Paying cash to contractors drives underground economy  Investment Executive



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Japan raises view on demand, but says economy in severe situation – SaltWire Network

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By Daniel Leussink

TOKYO (Reuters) – Japan’s government upgraded its view on consumption in a monthly report in October on stronger demand for electronics and higher travel spending, but cautioned broader economic conditions remained severe due to the coronavirus pandemic.

Authorities maintained their assessment that the world’s third-largest economy was showing signs of picking up from the fallout of COVID-19, which included a hit to Japan’s exports from a slump in global demand.

“The Japanese economy remains in a severe situation due to the novel coronavirus, but it is showing signs of picking up,” the government said in its October economic report.

The economy suffered its worst postwar contraction in the second quarter and analysts expect any rebound to be modest.

The government already has announced $2.2 trillion in economic stimulus in response to the virus crisis, and analysts polled by Reuters said it should compile a third extra budget for the current fiscal year.

The government said the impact from policy measures at home and improvement in economic activity overseas supported hopes for a continued rebound in the economy.

But it also flagged the risk that coronavirus infections could further weigh on domestic and overseas economies.

While many countries eased coronavirus restrictions earlier this year, some have had to resume curbs as they face a second wave of infections.

Japan’s government upgraded its view on private consumption for the first time in seven months due to more robust domestic demand for household electronics and higher nationwide hotel occupancy rates, especially in Hokkaido in northern Japan.

“It’s very encouraging that consumption is picking up,” Economy Minister Yasutoshi Nishimura said at a news conference after the cabinet approved the report.

“While capital spending, exports, production and employment are improving, it of course can’t be said (economic conditions) have completely recovered so the overall assessment was left unchanged,” he said.

The government stuck to its assessment that exports are picking up, according to the report.

But it downgraded its view on imports for the first time in seven months due to relatively weak shipments from the United States and the Asian region, a Cabinet Office official said.

The government’s assessment of the remaining components in the report remained unchanged.

(Reporting by Daniel Leussink; Editing by Ana Nicolaci da Costa and Kim Coghill)

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Japan raises view on demand, but says economy in severe situation – The Journal Pioneer

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By Daniel Leussink

TOKYO (Reuters) – Japan’s government upgraded its view on consumption in a monthly report in October on stronger demand for electronics and higher travel spending, but cautioned broader economic conditions remained severe due to the coronavirus pandemic.

Authorities maintained their assessment that the world’s third-largest economy was showing signs of picking up from the fallout of COVID-19, which included a hit to Japan’s exports from a slump in global demand.

“The Japanese economy remains in a severe situation due to the novel coronavirus, but it is showing signs of picking up,” the government said in its October economic report.

The economy suffered its worst postwar contraction in the second quarter and analysts expect any rebound to be modest.

The government already has announced $2.2 trillion in economic stimulus in response to the virus crisis, and analysts polled by Reuters said it should compile a third extra budget for the current fiscal year.

The government said the impact from policy measures at home and improvement in economic activity overseas supported hopes for a continued rebound in the economy.

But it also flagged the risk that coronavirus infections could further weigh on domestic and overseas economies.

While many countries eased coronavirus restrictions earlier this year, some have had to resume curbs as they face a second wave of infections.

Japan’s government upgraded its view on private consumption for the first time in seven months due to more robust domestic demand for household electronics and higher nationwide hotel occupancy rates, especially in Hokkaido in northern Japan.

“It’s very encouraging that consumption is picking up,” Economy Minister Yasutoshi Nishimura said at a news conference after the cabinet approved the report.

“While capital spending, exports, production and employment are improving, it of course can’t be said (economic conditions) have completely recovered so the overall assessment was left unchanged,” he said.

The government stuck to its assessment that exports are picking up, according to the report.

But it downgraded its view on imports for the first time in seven months due to relatively weak shipments from the United States and the Asian region, a Cabinet Office official said.

The government’s assessment of the remaining components in the report remained unchanged.

(Reporting by Daniel Leussink; Editing by Ana Nicolaci da Costa and Kim Coghill)

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