ISM’s Tim Fiore, Committee Chair of the Manufacturing Report on Business(R) covers the October ISM number, still strong at 58.7 but slightly lower than September that hit 60.8. The 60’s tend to be unsustainable for long periods of time unless the economy is overheating, which then typically ends badly. The 50’s are more solid for the long-term health and strength of the economy, so 58.7 is a solid number in the upper range that reflects the 3.0 GDP just reported.
Here Are Some of This Week’s Top Stories in Manufacturing
Technology continues to drive the manufacturing industry forward at an incredible rate. This can make it extremely difficult for manufacturers to remain competitive, especially if they’re using legacy equipment. However, this does not need to be the case. Businesses can upgrade their facilities in order to remain agile and on the cutting-edge. Fortum, a Scandinavian power company is a perfect example of turning century-old processes into a modern and efficient operation.
There has been both supportive and negative feedback but most do agree that Elon Musk’s current Hyperloop project is ambitious. While the project still faces many issues in regard to technology and regulations, Governor Larry Hogan announced Maryland’s support for construction of the project. Although this announcement may have come a little too early as just a day later, Elon Musk took to Twitter clarifying that the company was “Not ready to do a proper announcement yet, but maybe in a month or so. Maryland has been awesome to work with and just wanted to say thanks.” (Read More)
Today marks an important milestone for the Export Import Bank that has only been partially operational for two years. Former Republican Congressman Scott Garrett is testifying before the Senate Banking Committee to explain why he’d be the best person for the job. However, many in the audience are skeptical about his loyalty to the United States Export Credit Agency. (Read More)
As the manufacturing industry moves forward, the need for skilled workers is growing rapidly. One group stepping up to fill these highly valued roles in increasing numbers is women.This long ignored talent pool is finally getting the attention they deserve and everyone stands to benefit. However, work is still needed to show the appeal of manufacturing to the dedicated and resourceful women of the world. (Read More)