Business outlook improving within America’s industrial manufacturing industry
9th February 2015 12:45 - Industrial
According to the fourth-quarter 2014 Manufacturing Barometer by PwC US, positivity amongst industrial manufacturers in the US has increased, which indicates an improvement in business outlook.
A large selection of key indicators showed a notable improvement within the fourth quarter of 2014, although more industrial manufacturers claimed to be concerned about lack of demand and legislative and regulatory policies.
On the other hand, 68 per cent of the industrial manufacturers asked claimed to be optimistic about the US economy’s future within the next year, up from 57 per cent in the previous quarter.
Similarly, optimism surrounding the global economy improved by 8 points - from 30 per cent in the previous quarter, to 38 per cent in the fourth quarter.
The survey also showed that 60 per cent of those questioned have plans to recruit more staff within the next year, which is 8 per cent more than those who revealed plans to recruit more staff in the third quarter’s survey.
The report also included an additional section about human capital. The findings of this section uncovered a lack of skilled workers across America’s industrial manufacturing sector, as 2 in 3 of those questioned claimed that there was a gap in skills within their company, which needs filling in the next 2 years.
Of the skill gaps, skilled labour was the area most in need of filling, with 75 per cent of industrial manufacturers indicating a need to recruit skilled labour.
Over the last 12 months, 2 in 3 industrial manufacturers in the US claimed to have vacancies which they found difficult to fill with skilled candidates. In order to continue to fill this gap, 78 per cent of American industrial manufacturers intend to employ new staff over the next 2 years.
As well as labour, other areas which were identified as hard to fill were: engineering and design (62 per cent), management (44 per cent), manufacturing (44 per cent) and research and development (28 per cent).
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