Consistent orders and production are giving manufacturers reason to thaw hiring freezes and potentially recall laid-off workers.
Economic recovery has started to glimmer a little brighter in a recent front page report by The Wall Street Journal. Consistent orders and production are giving manufacturers reason to thaw hiring freezes and potentially recall laid-off workers.
Encouraging factory output figures are appearing across several industries such as apparel, appliances and automotive goods. Factories, in fact, seem to be the big bright spot for the first quarter of 2010 with 11,000 new jobs added in January.
The big gain in industrial production hasn’t been lost on the Federal Reserve which acknowledges tangible gains on the road to economic recovery. That in turn may lead to the reversal of emergency policies set into place during the worst months of the downturn.
Allen Edmonds, a company specializing in high-end men’s shoes, began noticing business picking up in October. Although initially regarded as a fluke, business remained consistent with overtime required to fulfill orders by December.
Chief Executive Officer, Paul Grangerd, remains optimistic his companies fortunes will continue to thrive moving forward, “We depleted our inventories much faster than expected and ended up working overtime in December just to catch up and have been working overtime ever since.”
Electronic producer, LaBarge, Inc, is also seeing an upturn in business. Craig Labarge, CEO, reported, “Order inflow has really improved compared to a year ago.”
LaBarge is beginning to add to its 1,500 member strong workforce and iS looking to add upwards of another 100 employees over the next year. Mr. LaBarge’s attitude is unlike many other business owners these days. He stated, “Every day that goes by we get a bit more comfortable.”
However, optimism was tempered with caution by the Federal Reserve whose report released last Wednesday indicated little downturn in the current unemployment rate of 9.7% for the remainder of 2010.
Additionally, the Federal Reserve said, “The pace of the economic recovery will be restrained by housing and business uncertainty,” as well as “only gradual improvement in labor market conditions.”
Scott Wine, CEO of Minneapolis-based Polaris Industries, which produces snow mobiles and opther vehicles, said “We are starting to see demand come back, but we’re trying to look at ways to make sure we don’t go out and get ahead of ourselves in terms of hiring and expenditures.”
Like any serious injury, sometimes a painful and slow recovery process is required for one to be back at 100% again. Being in the midst of that recovery can be frustrating, but it’s the tangible signs of recovery that keeps one going.
As a nation, we’re beginning to walk again economically, but it will require time before we can run.
This is obviously great news for job seekers. I’ve been fortunate enough to remain happily employed through out the downturn of the job market, but I have many friends that haven’t been as lucky. Let’s hope that in the next 3-5 years we make a full recovery. Ready? Break!
People have been using the excuse that no one is hiring as to the reason they can’t get a job. There are jobs out there. You have to work not only getting a job but also keeping a job. People need to get out there and execute through the hiring process.
It is intelligent business practice to think before you leap. Many smaller companies even before the economic downturn were cutting their own heads off by rushing to hire too many workers, set up shop in the fanciest offices and spend spend spend on advertising and internal expenses. We are a country of dreamers which makes us great, but we also need to remember that those dreams need to have a steady and stable ground from which to take flight. I think in a small way the fall of the economy has helped remind people to live, set up shop and function with in their means to build a stable and long lasting business.
Industrial Revolution 2.0. Great to hear the hum of factories starting up again and hopefully it will improve the outlook people have on the economy and their personal lives.
This is encouraging news, especially for the large number of unemployed citizens. I hope the economic recovery will continue and nothing derails it.
Hope this is good news. Will still keep my fingers crossed.
I think it is great to see even a slight economic recovery. I hope that people take what we have gon through and are a bit more cautious about living within their means.
This is great news I have family members who have been looking for Jobs and this is will boost confidence.
We are a nation of hardworking people, and that is where our success will be. Honest, hardworking people taking pride in their work and caring about others.
Things do seem to be improving slowly. I just spoke to a friend who sells cars and he told me that February was a great month at the dealership where he works. This is fantastic considering he was singing a different tune last year. Lets keep moving forward.
In the second article – speculation, bottom line show me the money and the actual data of people off unemployment with no increase in welfare. This job slump is old enough now that people will be leaving unemploymet (out of benifits) and applying for welfare programs. Follow the data for a real result