The Federal Reserve recently reported that production in the U.S. industrial equipment manufacturing industry in May saw its biggest increase since August of 2009, according to IndustryWeek.
The central bank reports that industrial production jumped by 1.2 percent in May, exceeding expectations for the month after the industry rose by 0.7 percent in April. Manufacturing output in the U.S. also rose by 0.9 percent in its third consecutive month of significant growth.
Experts recently emphasized that the industry needed improvement in production operations management to rebound from the effects of last year’s recession. Daniel J. Meckstroth, chief economist of the Manufacturers Alliance, told IndustryWeek "many of the industries that posted the strongest gains were some of those severely hurt by the recession that ended in June 2009."
He added that recent production efforts should expand the market in the industry because "the breadth of the rebound is impressive and creates self-reinforcing demand for materials and equipment across the whole manufacturing sector."
Industrial equipment manufacturing seems to be the first industry to show signs of life in rebounding from the economic recession. Other reports from the central bank show that manufacturers in the country are growing at a faster pace while the homebuilding industry continues to struggle.
Categories: Industrial Equipment Manufacturing Industry News
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