U.S. Economy Improving But Plan for Future Challenges

Forecasts at the AMT Global Forecasting & Marketing Conference (GFMC) indicate that the U.S. economy/GDP will improve by low-single digit percentages for 2017 and the near term, however, it would be wise to plan for future challenges. This is one of the key takeaways from the recently held AMT GFMC in Miami, FL. Hosted annually for over 40 years by AMT - The Association For Manufacturing Technology, GFMC brings together economic forecasters, sales and marketing specialists and industry leaders. These experts shared their insight into the market factors driving manufacturing and how companies can outpace the competition in this business environment. The theme of this year's conference was "Turn Insight Into ACTION."

Conference attendees were told the economy is on the ascent with a stronger 2017 and 2018. Forecasts predict this upturn due to improvements in oil prices, GDP growth and increasing industrial production. Commodity price increases, manufacturing capacity utility rate growth and positive business cycle pressure will also contribute to this upturn.

Manufacturing machine technology orders are forecasted to increase by low- to mid-single digit percentages for next year. The main impetus for this is advancements in machine technology and quality productivity enhancements. These investments are now required due to a lack of skilled labor in the metalworking manufacturing sector.

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