Recent Posts by Rick Farrant

Hoosier Manufacturers have $100 Billion Economic Impact

The Indiana Manufacturers Association is celebrating new data released by the U.S. Department of Commerce which shows the strength of the state's manufacturing sector. The data shows the industry contributed $100 billion to Indiana's GDP last year, a more than $6 billion increase over 2014. The numbers reflect nearly 30 percent of the state's economy. The IMA…
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Leading Lady Aims To Change Manufacturing Manpower

Recently named one of 100 Leading Women in North America’s Auto Industry by Automotive News, Leah Curry, vice president of manufacturing at Toyota Motor Manufacturing Inc. (TMMI) in Princeton, takes very seriously inspiring young women to pursue careers in manufacturing—a sector hungry for the female perspective. “Women have more than 50 percent of the buying power…
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U.S. Manufacturing Output Rises on Steady Consumer Spending

DSC_0020 (3)WASHINGTON — U.S. manufacturing output rose in October for the first time in three months as factories cranked out more steel, cars and computers, according to an Associated Press article.

Manufacturing production increased 0.4 percent last month, the Federal Reserve said Tuesday, after slipping 0.1 percent in September.

The rise suggests that manufacturers may be overcoming several headwinds they have faced for most of this year. Many retailers and wholesalers have been cutting back on their stockpiles after ordering too many goods this winter. That has weighed on output. And the strong dollar has cut into exports by making U.S. goods more expensive overseas.

Economists warned that the drag from the strong dollar will likely persist, particularly if the Federal Reserve begins raising interest rates later this year. Rising interest rates can make a currency more attractive to global investors, driving up its value.

"We doubt the October (data) marks the start of a sustainable rebound," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. "But reports of the death of the sector have been exaggerated."

Steady consumer spending is likely helping offset some of the drags. Auto sales jumped 14 percent in October, putting the industry on track for what could be a record year. Ford Motor Co. estimates that total car sales may reach 17.4 million, slightly above the previous record of 17.35 million in 2001.

That's kept auto factories humming. Auto production rose 0.7 percent last month, after a solid gain in September.

Developers are also building more homes, apartments, offices, and other commercial buildings, which is boosting demand for many manufactured goods. Output of wood products, sand and gravel, and metal parts rose strongly last month.

The growth in output was broad and lifted many other sectors, including machinery, electrical equipment, chemicals and textiles.

 

 

Hoosier Manufacturing Offers Bright Future for Graduates

Indiana has been leading the nation in key manufacturing measurements, creating career opportunities for graduates. The really great news is retiring baby boomers are already creating opportunities for young people graduating with industrial certificates and skills training that qualifies them for well-paying manufacturing careers. Impact Institute precision machining students The 2015 Manufacturing and Logistics Report…
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