ECONOMIC REBOUND? MANUFACTURING INDUSTRY OFFERS MIXED SIGNALS FOR POST PANDEMIC PROGRESS

s the industry continues to respond to pandemic conditions, leaders are hopeful for recovery with an increase in the Purchasing Managers Index of 9.5% in June over May. Even more, the New Orders Index increased 24.6% to 56.4% in that same period, and continued to climb in July to 61.5%.

It’s unclear whether this positive trend will hold; with COVID-19 cases again surging, health experts are calling for additional closures that could affect the manufacturing industry a second time around. Plus, the  "2020 State of Manufacturing Report" reveals the COVID-19 pandemic has hit the global manufacturing and supply chain ecosystems hard, more than many other industries.

“Nearly 90% report a direct business impact because of COVID-19, including lower sales, increased costs of materials and production, and canceled or delayed product launches,” an article on The Fabricator said.

The manufacturing industry saw an 8.6% unemployment rate this July, compared to just 3% in July 2019. This is down slightly from 9.1% in June 2020.

Speaking of jobs, as Generation X and Baby Boomers continue to age into retirement, more conversations continue around the ways Millennials will shape into the industry. Some studies show a higher percentage of millennials believe the industry provides a good career versus previous generations.

That said, millennials have higher expectations for companies to provide new challenges and growth opportunities throughout their careers, and are more focused more on the overlap of technology and its role in manufacturing.

They may be on to something, as many companies showcased innovative responses to supporting medical needs because of the pandemic, including the use of 3D printing for medical devices - a tool that’s also a key play in General Motors approach to building the Corvette engine and this rug system that sanitizes shoes as people enter a facility, reducing germ transfer.

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