Greater Growth in Store for U.S Manufacturers
According to the most recent Beige Book of the Federal Reserve Board, lately there has been more manufacturing activity in the Midwest and West than in the Mid-Atlantic region. While Cleveland reported a decrease in auto production, the decline was not alarming as it is expected this time of year due to normal seasonal retooling for model changes. Chicago reported a leveling off of auto production in August after a great month in July. Some commercial Aircraft manufacturers in the San Francisco area said production rates were greatly increasing due to new orders for air crafts with a more narrow body. A metal manufacturer in the Minneapolis district said they planned to expand a facility in Northwestern Montana. The capacity utilization in the steel industry also continued at record high levels in the Chicago area. Overall, the industry seems to be looking great and is growing at a steady pace. Research done by the Federal Reserve Bank of Chicago noted that manufacturing production increased by 0.6% in August, its fourth consecutive month showing improvement.
The hiring rate has also increased. The employment index was reported to have risen from 1 to 7. While the price of raw materials has been said to have gone up at an annual rate of 2.8%, it is surely an improvement from the 4.6% reported last month. Most manufacturers have also been able to receive more for their products, with pricing having increased approximately 1.61%. The prices for raw materials are expected to continue to rise and may permit continued pricing pressure.
With growth looking bright for the industry, the demand for skilled industrial workers will be at an all-time high. ITC Learning is devoted to providing employers and employees with the most user friendly online courseware by utilizing SCORM and full motion video courseware. ITC Learning’s online industrial training will aid workers to enhance their skill sets and stay up to date with the latest industrial technologies.
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