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ITR Economic Report - February 2018

Feb 13, 2018
The US economy is surging forward as 2018 begins. US Gross Domestic Product (GDP) ended the fourth quarter of 2017 2.5% above the previous year. US Industrial Production was up 1.8% year over year in December, with the quarterly growth rate bumping up to 3.4% compared to the final quarter of 2016.  Even though we can expect a strong macroeconomy in the coming one to two quarters, beware of linear budgeting for 2018;

Focus should be on hiring and retaining employees to ensure that your labor supply is sufficient to handle expansion throughout 2018. Direct your training programs toward developing unskilled new hires, as a tightening labor market will make qualified applicants increasingly rare this year.

For additional details on the Industry outlook, download the February 2018 report below.

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. 

Contact Information

  • Miles Free, PMPA Director of Industry Research and Technology
  • 440-526-0300