NAM sees encouraging news in GDP numbers
While the economy grew by a subdued 1.6 percent in the third quarter, the slowest quarterly pace in three-and-a-half years, it was the housing sector that provided the overall drag.
“Excluding residential investment, the economy grew by 2.7 percent, nearly identical to the 2.8 percent average pace so far during this recovery,” Huether said.
Consumer spending, business fixed investment and goods exports all accelerated last quarter.
“With three of the four pillars of the expansion remaining firm, the foundation for continued growth going forward is solid,” Huether said. “Over the last four quarters, business investment has increased by 8% and merchandise exports have risen by 11%,” he added. “This has been good for manufacturers who account for nearly two-thirds of U.S. exports and manufacture capitol goods.
“Continued strong growth in these areas is one of the primary reasons why manufacturing output has risen by 6.2 percent over the past year,” Huether said.
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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