Industry Sales Index Unexpectedly High- We Are Thriving!
In November 2021, the PMPA Business Trends Index came in at 144, fifth highest value for the year, totally unexpected in this time of year. How unexpected? The five-year average for November is 123.6- so the current value is up 20.4 points or 16.5 percent greater than the five-year average for the month. This month’s reading of 144 is up 60 points or 71.4 percent from the April 2020 low of 84 during the Covid-19 pandemic. To be fair, our PMPA Business Trends Sales Index dropped 5 points or 3.4 percent compared to October. Sixty-six percent (66%) of respondent shops scheduled overtime in October- and none reported scheduling less than 40 hours.
PMPA’s Miles Free & Carli Kistler-Miller had a great time recording the second season of Speaking of Precision. Maybe too much? You be the judge! Happy Holidays and Happy New Year! Season 3 starts January 3rd with our 100th episode special. Tune in to find out who joins us!
The 2022 Holiday Time-Off surveys have been compiled and calculated, and the 2022 Holiday Time-Off Reports are attached. Our thanks to the 82 member companies who completed and returned a survey. Please remember that the results of the survey indicate which 2022 holidays those companies plan to offer their employees off with pay. It does not indicate which, if any, holidays they may offer off, without pay.
The 2022 Holiday Time-Off Reports will be available for reference throughout the year on theReportspage of the PMPA website.
Miles Free & Carli Kistler-Miller discuss the hot button question that is dominating news these days….. Supply chain issues! We dive into why the precision machined products industry is working overtime and outperforming the rest of the industry to deliver the parts they need.
$100 million fund facilitating technology innovation, accelerating growth through supplier networks and cultivating talent development to promote the competitiveness of Connecticut’s manufacturing industry. Creating a vibrant ecosystem through key partners in industry, academia, not for profit, labor, state, regional and federal governments.
As we all know, much has happened in the two years since we have gathered together for a
Management Update Conference…and a lot has changed. Through it all, the precision
machining industry has been a constant force – we have dealt with many challenges, but we
have weathered the storm, adapted and thrived.
As we push to move positively forward into 2022, the Update Committee is focused on
preparing a conference to help you and your organization address management needs,
including the number one issue facing all of our shops – employee and workforce development.
Topics will dive deep into the how-to’s for attracting, finding, recruiting, and hiring new
employees, as well as retaining and managing the ones you have. Randy Beck from Ernst &
Young speaks on recruiting and hiring in today’s world, Jeff Kortes talks about how to KEEP
them. Hear from your peers as they share their finding, recruiting and hiring successes; USA
Olympic Rugby coach Mike Friday offers his strategies on how to meld diverse personalities and
to focus on one main goal; John Miller talks about the “question behind the question” and the
importance of personal accountability; and, of course, we’ll get an economic update from ITR
Economics economist, Lauren Saidel-Baker and latest HR updates from Melanie Webber, Fisher
Join us in the colorful and vibrant city of New Orleans, February 10-13, to re-connect and
network in-person with your industry peers, learn from the speakers and each other, and bring
home new ideas to strengthen your workforce base and build on your organization’s success in
2022 and beyond.
These are the economic Indicators that I use in my weekly Manufacturing Positivity posts as well as correlate to our PMPA Business Trends Sales indicator. The three resources with an asterisk after the name – Industrial Production, Durable Goods and Total Vehicles Assembled – have the closest correlation to our Index. I do not follow many of the employment indicators as they are after the fact, not leading or contemporaneous.