A slow yet steady increase has been reported on the manufacturing front. As mentioned in our previous post, the construction industry has Undergone Labor Shortage Issues in recent months. However, with the recent increase in hiring and new orders, the concerns are beginning to decrease. In the meantime, the manufacturing industry is seeing some promising growth. Before getting too excited, it’s essential to make sure your Clifton NJ Manufacturing Insurance policy is up to date.
The Institute for Supply Management reported a manufacturing index growth for the first time in six months, up 52.8 from 51.5 in April. Although subtle, anything over 50 is considered growth. With an increase in purchase orders, factory activity, and ending a labor dispute have all contributed to the success of the industry.
Although the price of oil dropped $60 per barrel and harshly lowered the demand for steel and other equipment, recent ordering of big ticket items such as metals and machinery have increased since April. This suggests investment in businesses which is ideal for long term economic stability. What’s more, U.S. exports on these products were stable last month which is an improvement from the shrink for the last three consistent months.
The New Jersey Herald also reported that the manufacturing industry has benefited greatly from the end of the West Coast ports labor dispute- an issue which caused strikes among the 20,000 dock workers on the West Coast for nearly nine months. This mutual agreement will allow the importing and exporting of goods to run much more efficiently and therefore generating more revenue for the manufacturing industries.
With all signs and statistics pointing to improvement in the manufacturing industry, it is recommended you prepare your business for an influx of orders. Organizing your company with a comprehensive insurance policy from Tri-State Insurance Agency will secure your process, assets, and property accordingly. For more information, contact one of our specialists today at (888) 990-0526.