Grand finale for production in '97
We can applaud the performance of the U.S. industrial economy as we set the stage for 1998. Overall industrial output for 1997 rose a hearty 5% over 1996 levels. Industrial production for December 1997 was 6% higher than December 1996.
We can applaud the performance of the U.S. industrial economy as we set the stage for 1998. Overall industrial output for 1997 rose a hearty 5% over 1996 levels. Industrial production for December 1997 was 6% higher than December 1996. Don't get your hopes too high for the upcoming year, however. Due to the overall slowdown in the economy, we can expect more moderate gains of 2.8% for 1998. INDUSTRIAL PRODUCTION INDICES
Annual change, %
Dec. 1997 1996 1997
Total manufacturing 131.1 3.6 5.6
Fabricated metal products 127.1 2.5 2.9
Nonelectrical machinery 179.3 8.8 10.1
Instruments 110.4 4.4 2.9
Source: Cahners Economics
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey