Times are tough. That’s not news.
Everyone knows global markets have been declining since the pandemic hit in 2020.
And with inflation skyrocketing and economists hedging their bets, many are left wondering what’s next.
The manufacturing industry has been especially hard hit as they work to adjust to the new reality.
Many industry leaders hoped their struggles would dissipate when the pandemic came to an end and their employees returned to work.
Sadly, that was not the case. Recently released data shows that instead of disappearing, their troubles may have only just begun…
The Institute for Supply Management Manufacturing Purchasing Manger Index (ISM PMI) for December 2022 registered a score of 48.4.
When compared to past scores of 50+, this is a strong indicator that the overall manufacturing industry—and the economy in general—is shrinking.
This news was a surprise to some as it comes after a streak of 29 consecutive months of expansion in the manufacturing industry due to lows brought on by the pandemic.
That being said, economists do remain hopeful that an upswing in manufacturing will be seen in the early stages of 2023 as industry leaders work to combat this latest decline.
There’s no denying that significant hurdles lie ahead. Manufacturing leaders need ways to economize during these uncertain times. That’s where automation can help.
In fact, automation can help you:
Those are only a few of the benefits manufacturers are finding within the automation sector. And with the industry in a slump as markets react to inflation rates and economic uncertainty, NOW is the time to find out what automation can do for you.
Don’t let today’s struggles get in the way of tomorrow’s profits. Prepare your manufacturing business to survive the looming recession. Let the experts at Rain Engineering help.