PMPA/ITR Economics Forecast Report February 2022  

 

Now is when your efforts at managing can really make a difference!

Despite all of the angst and nail biting issues in the press these days, the US economy is strong and will continue to be strong in the coming years. Continued (but SLOWER!) growth is likely for the next couple of YEARS.  Fears of an impending recession are misplaced, but slowing growth provides us with opportunities to reflect, reconfigure, and rebuild for a successful and sustainable longer timeline. Automation, workforce retention, upskilling, and talent acquisition should be our top management priorities going into this slower growth phase of the business cycle. Inflation is here as well-  raw material prices  up by high double digit percentages  demand that you reexamine your new AND EXISTING contracts to make sure that you are not including fifty dollar bills of excess unrecovered costs in every box of parts you ship. Most of the markets that we serve remain in accelerating growth, but a couple have moved into a slower growth phase. None of our bellwether markets are in recession.

 

View/Download

 

The Institute for Trend Research (ITR) quarterly reports focus on major areas of economic growth and decline in key market segments for the Precision Machined Products Industry. They are provided to PMPA members as part of the association’s overall business intelligence program and are used as a management tool to help PMPA members plan for what lies ahead and which markets they should focus on in a complex manufacturing environment. 

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PMPA WEEKLY NEWS

February 24, 2022                         Vol 26  Issue #8

PMPA.org    |   News   |   Events |   Weekly Archives   |   M&E Exchange
 

May 1-3, 2022     
The Pfister Hotel | Milwaukee, WI

Registration is Now Open! 
Don’t miss the biggest Technical Conference
for Precision Machining!


New This Year for NTC 2022
Who Should Attend?

Ever look at the NTC session descriptions and wonder which employee should go where?  Problem solved!  NTC 2022 sessions have been labeled not only by experience level, but by job function so you can get the right people in the right session.

27 sessions over two days directly focused on precision machining offering
three different tracks: Fundamentals, Mastery and Management

Check it out and register today!

And, remember to book your hotel room before the block fills up!

REGISTER NOW!
HOTEL RESERVATIONS
 

Sponsorships Available for NTC 2022

Looking to show your PMPA support while promoting your brand?  Be a conference sponsor for NTC.  Several sponsorship opportunities are still available:

  • Lanyards
  • Hotel Key Card
  • WiFi
  • Meals and Gatherings
  • Premier and Benefactor level sponsorships
 

Spring is Right Around the Corner…
and so are PMPA Chapter Events!!

Mark your calendars….PMPA social events are coming to a local Chapter near you!   Watch your emails for all the details and registration information in the next few weeks.

NORTHERN OHIO CHAPTER
March 22 – 5:30 pm
Cleveland, OH

ILLINOIS CHAPTER
March 23 – 5:30 pm 
Bolingbrook, IL

WISCONSIN CHAPTER
March 24 – 5:00 pm
Waukesha, WI

SOUTHEAST MICHIGAN CHAPTER
March 30 – 5:30 pm
Ferndale, MI

WESTERN MICHIGAN CHAPTER
March 28 – 5:30 pm
Grand Rapids, MI

CONNECTICUT/EASTERN NEW ENGLAND CHAPTERS
April 6 – 5:30 pm
Worcester, MA

CANADA CHAPTER
April 20 – 11:00 am
Laurel Steel Tour – Burlington, Ontario

 
Missed This Week’s Technical Tuesday Solutions Webinar?
Driving Improvements with Data: How a PMPA Member Saved $1.4M in 11 Months
 

 Manufacturing Positivity

Manufacturing Production
Manufacturing Production rose just 0.2 percent in January, up slightly after a 0.1 percent decline in December. Not bad, considering tariffs on raw materials, supply chain bottlenecks, workforce shortages and ongoing government orders related to COVID variants.
Link: https://www.federalreserve.gov/releases/g17/Current/g17.pdf
 
Total Industrial Production
Total Industrial Production climbed 1.4 percent in January – its highest value since December 2018.
 
Retail Sales
Retail Sales in January grew by 3.8 percent, reversing December’s 2.5 percent decline. Over the last 12 months, retail spending jumped 13 percent as the economy reopened.
Click on Press Release for Advance Monthly Retail sales at : https://www.census.gov/economic-indicators/
 
Business Inventories
U.S. total business end-of-month inventories for December 2021 were $2,206.7 billion, up 2.1 percent (+/- 0.1 percent) from last month.  This is in contrast to total US Business Sales which were $1,717.2 billion, down 0.7 percent (+/- 0.1 percent) from last month.
Link: https://www.census.gov/economic-indicators/ click on the box for business inventories then download the press release.

Contract Review is Critical
According to a front page headline story in Automotive News, automaker Stellantis has issued new terms which place all risk on suppliers for “foreseeable disruptions.”

Apparently your shop in Punxatawney is supposed to take steps to ensure that no freighters get stuck in the Suez Canal. Pay attention to the terms of sale when dealing with your OEM customers. Terms like this could put you out of business- even if by escalating the attorney fees you need to pay to fight in case of such a dispute.

PMPA shared this critical news item via our member company CEO and Corporate listserves Monday.  Where do you get the breaking news that makes a difference?

 
This Week’s Speaking of Precision Podcast
A New Year Resolution for Your Business
 

Are You Taking Advantage of
Grainger Benefits?

PMPA member participation with Grainger has increased 30% over the past year – have you joined the Grainger bandwagon?  If not, take a good look at what they offer and how they can help drive your purchasing costs down.

Learn more: Grainger Value Advantage Program

 

PMPA Final Cut of the Week

Be sure to check out PMPA’s new Final Cut of the Week video clip, where you will get a snippet of this week’s manufacturing news that you might have missed while you were busy making essential parts!

Find us on Twitter and LinkedIn, and catch archived clips on the website.

 

Email Listserve Digest Option

You can never get enough information to help run your shops, and in a pinch where do PMPA members go for an answer to an immediate need?  The Listserves!

Sometimes, a listserve thread may take on a life of it’s own.  It can be a pleasant distraction and it engages a lot of people in conversation.  Or, it may be an annoyance to those who don’t like the build up of emails throughout their busy day.

You have an option!  If you would rather not receive individual listserve emails, you can change your receipt option to DIGEST and receive ONE email containing all the email posts for that list at the end of the day.

  • Go to the MY PROFILE page on the PMPA website and click on Edit My Email Lists.  You’ll need your PMPA passwords to log in.  (if you forgot those, click on Obtain Password on the MY PROFILE page)
  • Once on the Listserve Subscription page, you’ll note a drop-down box to the right of each listserve heading.  Choose one of these:
    • Not Subscribed (to NOT be on the list)
    • Subscribe (to receive individual emails)
    • Digest (to receive one daily email)

Questions?  Or need assistance?  Contact Staff at PMPA 440-526-0300

 
 
 

PMPA AFFINITY PARTNERS

APPI Energy     Federated Insurance      Grainger      Mirabel     
 Paperless Parts     PartnerShip       Verifyle

CONTACT PMPA STAFF
Editor:  Renee Merker – Director, Communications and Events
 

Copyright © Precision Machined Products Association, All rights reserved.
6880 West Snowville Rd., Suite 200
Brecksville, OH  44141
PH: 440-526-0300
www.pmpa.org

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

 

 

PMPA Northern Ohio Chapter Hosts Axe Throwing Networking Social Event

 

March 22, 2022
Axe House Cleveland
7389 State Road Cleveland, Ohio 44134

 

 

PMPA’s Northern Ohio Chapter held the first Chapter Event this year! Everyone enjoyed getting back out and speaking to their fellow members and even met some new faces. They had a great time catching up. 

 

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PMPA WEEKLY NEWS

February 17, 2022                         Vol 26  Issue #7

PMPA.org    |   News   |   Events |   Weekly Archives   |   M&E Exchange
 

May 1-3, 2022     
The Pfister Hotel | Milwaukee, WI

Registration is Open! 
Don’t miss the biggest Technical Conference
for Precision Machining!
  • 27 sessions focused on precision machining!
  • Follow the track that’s best for you: Fundamentals, Mastery and Management
  • New this year: “Who Should Attend”   Each session suggests who should attend by job function.
  • Job Layout Sessions: CNC Multi-Spindle, CNC Multi-Function,
    Swiss and Cam
  • Keynote speaker: Jeff Havens entertains and provides solutions to dealing with generational differences
  • PMPA Technical Member Tabletop Exhibits! 
REGISTER NOW!
HOTEL RESERVATIONS
 

Technical Member Exhibit Tables

(Attention Technical Members: Exhibit at NTC!)

Take advantage of an audience focused on precision machining –
sign up to exhibit at NTC 2022
  • One 6’ x30” skirted table / two chairs / one free electric drop
  • An opportunity for direct selling to PMPA members – nominal giveaways are permitted
  • Table Cost: $400
  • Technical Member Exhibits: Sunday, May 1 – 4:30-7:00 pm
 

Management Update Conference Wrap-Up

Thanks to all the PMPA members who joined us in New Orleans last weekend for the 2022 Management Update Conference.  Member attendees were happy to be networking face to face again, and the energy was high. The theme of the conference focused on your number one concern these days – employee recruitment, hiring and retention.  Attendees were also treated to an eye-opening session from ITR Economics speaker Lauren Saidel-Baker.  The speakers provided valuable takeaways, and lots of great ideas were shared throughout the conference.
 
Be sure to visit the Update Conference “Wrap-Up” webpage to download speaker presentations, as well as the Technical Technology Breakout session powerpoints.
 
On behalf of the Management Update Committee, thanks to all those who attended and thanks to all the member participants for sharing your knowledge and expertise!   We are BETTER TOGETHER!
 
Mark your calendars for the 2023 Management Update Conference – February 23-26 – OMNI Louisville Hotel, Louisville, Kentucky.
 

 

 Manufacturing Positivity

US Manufactured Goods Exports Soared  in 2021
 
The US Census reports that exports of US Manufactured Goods rose over 18 percent, from $953 billion in 2020 to $1.1 trillion in 2021, before seasonal adjustments.

For the year, exports of industrial supplies and materials were up $169.6 billion; other industrial machinery increased by $11.1 billion; Civilian Aircraft increased by $7.7 billion, and Automotive vehicles, parts and engines increased $15.7 billion.
 
For the month of December 2021, Consumer Goods exports increased by $1.2 billion; Capital Goods increased by $900 million, and automotive vehicles, engines and parts increased $800 billion.

Link: https://www.census.gov/foreign-trade/Press-Release/current_press_release/ft900.pdf

 
This Week’s Speaking of Precision Podcast
Lean Your Customer List
 

PMPA Wage Survey Deadline Extended

The deadline to submit your information for PMPA’s annual Shop Hourly Wage Report has been extended to February 28.  The final report will include wage rates grouped by geographic area, by number of employees per company, and by sales per company, as well as a summary of all responses.  Only participants will receive a copy of the report.

Knowing Industry wage rates is key to remaining competitive and maintaining your workforce advantage!

Please submit your survey today so we can provide you with “the wage tool you can use” for planning and budgeting. The excel spreadsheet reporting format minimizes the work, time and pain associated with completing the survey.  We thank you for your participation –  it makes a difference!  (And FYI…company data is kept confidential!)

Need another copy of the survey?  Contact Veronica Durden at PMPA.

 

PMPA Final Cut of the Week

Be sure to check out PMPA’s new Final Cut of the Week video clip, where you will get a snippet of this week’s manufacturing news that you might have missed while you were busy making essential parts!

Find us on Twitter and LinkedIn, and catch archived clips on the website.

 

PMPA Email Spoof

Staff was alerted to a spoofed email sent to a few members this week that looked as though it was sent to a PMPA list from Miles Free – IT WAS NOT – and yes, there was malware attached to it.

If you should see an email purporting to be from a PMPA staffer, or even a PMPA member, that looks like it is from PMPA listserves – and the address (whether visible or seen via hovering over it with your mouse) is unusual  Please do not open that message or click on any links.   Report the questionable email to PMPA Staff!
 

 
 
 

PMPA AFFINITY PARTNERS

APPI Energy     Federated Insurance      Grainger      Mirabel     
 Paperless Parts     PartnerShip       Verifyle

CONTACT PMPA STAFF
Editor:  Renee Merker – Director, Communications and Events
 

Copyright © Precision Machined Products Association, All rights reserved.
6880 West Snowville Rd., Suite 200
Brecksville, OH  44141
PH: 440-526-0300
www.pmpa.orgWant to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

 

 

2022 PMPA’s Management Update Conference Wrap Up

 

Thanks to all the members who joined us in New Orleans, Louisiana, last weekend for PMPA’s Management Update Conference! It was a happy reunion of reconnecting with old friends and a great opportunity for meeting new ones! We had 26 first time attendees join us and a total of 116 attendees from 62 companies! The conference was centered around workforce development and satisfaction as the speakers were timely and well received.

Be sure to visit the Management Update Conference Webpage to download the speaker presentations as well as some great information from the breakout sessions.

Mark your calendar for the 2023 Management Update Conference – February 22-26 – Omni Louisville Hotel in Louisville, Kentucky. See you then!