The recovery from COVID-19 in manufacturing will not be one uniform push. Rather, just as the virus worked its way across the globe, the recovery will be uneven as disparate regions and sectors move toward the next normal.
This won’t make things easy for manufacturers. But the one advantage of a staggered recovery is that it allows you to draw on the insights of regions and sectors that are ahead of you in the cycle. And based on several podcasts I recently recorded with colleagues who advise on manufacturing across the globe, everyone seems to be facing the same key challenges.
NEW YORK (CNNMoney) — U.S. manufacturers, frustrated by a shortage of skilled American factory workers, are going abroad to find them.
Business for factories has surged recently, creating a huge demand for machinists, tool and die makers, computer-controlled machine programmers and operators.
“These jobs are the backbone of manufacturing,” said Gardner Carrick, senior director with the Manufacturing Institute. “These are good quality middle-class jobs that Americans should be training for.”
The United States is experiencing a shrinking pipeline of manufacturing talent, said James Wall, deputy director of the National Institute for Metalworking Skills.
“It’s been in the making for years,” he said. Factories didn’t feel the labor pinch as much when manufacturing was in a slump. But the latest “Made in USA” resurgence has them scrambling.
Purchasing managers at factories anticipate sales will grow 5.5 percent next year and capital investment will increase 1.9 percent, the Tempe, Arizona-based group’s semiannual forecast showed today. Revenue and spending will increase at a slower pace among service providers, which account for about 90 percent of the economy.