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To keep tracking trends in US Manufacturing here are the latest published reports and research we’ve seen along with links so you can read the full details.
US Manufacturing Job Growth Trends
According to the March 2018 Bureau of Labor Statistics report, Bloomberg reports “the manufacturing sector added 222,000 jobs, resuming a recovery that had paused in 2015 and 2016 amid strength in the dollar and weakness in the U.S. oil and gas industry.” and “the rate of manufacturing job gains has accelerated in the past few months.” Bloomberg’s analysis attributes the growth to a combination of the domestic oil and gas industry recovering, the global economy growing again, the weaker dollar helping exports, the cut in business taxes and political focus on manufacturing .
Which manufacturing sectors contributed the most job gains? The top two sectors for job growth were ‘Fabricated Metal Products’ at 51,300 and ‘Metal products’ at 37,300 of the 222,000 jobs. However, Bloomberg also cautions that, “the manufacturing sector that saw the biggest jobs gain over the past 12 months, fabricated metal products … are consumers of the steel and aluminum that the President is about to make more expensive”
US Manufacturing Job Change Trends
The Manhattan Institute, a think tank focused on economic growth, reports that 88% of the U.S. manufacturers who responded to a survey said they have difficulty finding skilled workers. Jay Timmons, president and CEO of the National Association of Manufacturers said manufacturing “has undergone a seismic shift in the way it operates,” and explained, “it’s an industry that is about upscaling, upskilling and future-proofing jobs.” The result, ironically, is many manufacturers desperately seeking new workers to fill vacant jobs on their shop floors because they need a different set of skills than in the past! The skills shortages are in numerous areas; from automation to 3D printing, from online marketing to the industrial internet of things (IIOT) and exist, to varying degree, all across the country.
US Manufacturing IIOT Trends
In late 2017, ENGINEERING.com surveyed 226 manufacturing professionals about their production environment plans and deployment of Industrial Internet of Things (IIoT) technology.
The survey focused on:
We were surprised that more than half of all production activities are already instrumented and about a third are already connected. It’s excellent news that manufacturers are evaluating and implementing a wide range of applications for IIoT and doing pilot projects to validate ROI. For example this Plant Services special report explains the trend from ‘Descriptive’ and ‘Diagnostic’ maintenance to ‘Predictive’ and ‘Prescriptive’ maintenance using IIoT.
US Manufacturing eCommerce Trends
A B2BecNews survey of more than 130 manufacturers finds “they’re ramping up their B2B eCommerce to generate new revenue. By far their top eCommerce priority is increasing sales. They are putting their money behind that intent: 80% expect to spend more on their eCommerce operations this year.”
How much more and on what exactly? This graph shows the detailed breakdown manufacturers reported but more than half plan to spend between 10% and 50% more than they did last year and 12% plan to spend more than 50% more! The survey also shows what they’ll be spending that money on and the top two categories are ‘marketing’ and ‘technology’.
That’s our quick summary of key findings from the latest manufacturing research we’ve seen. In particular the increased spending on eCommerce may help solve other problems as this post explained, WHICH 3 BIG INDUSTRIAL SUPPLIER PROBLEMS ECOMMERCE SOLVES? For other recent (2017) industrial market research see our recent post: CAN’T MISS HIGHLIGHTS OF NEW MANUFACTURING MARKET RESEARCH. As always, please share your comments below and if you’d like to discuss how any of this research effects your industrial eCommerce marketing or technology (website, Catalog, Configurators or CAD model downloads) please call us or click either button below: