It’s Manufacturing Day! This yearly celebration of modern manufacturing occurs on the first Friday of October, and strives to address common misperceptions about the industry and give manufacturers a day to showcase what they do and examine some of the most important aspects of their world.
In honor of this day, we wanted to share some of the current trends in the sector – most importantly, its ongoing growth – and discuss some of the ways that shippers in the manufacturing space are approaching these market conditions.
The State of Manufacturing
The Manufacturing Index is currently at 59.8%, and the sector is consistently growing, with activity expanding in September of 2018 (while the overall economy also grew for the 113th consecutive month).
Similar to other verticals, the manufacturing market continues to be impacted by the capacity crunch, and the ongoing growth in this sector means that even more capacity is needed. The capacity shortage is exacerbated by the current state of the economy and the driver shortage, and that tightness has presented challenges throughout this year and will most likely continue to do so into 2019.
This means that it’s critical for manufacturing companies to continue to become nimbler in order to adapt to the ever-shifting market – especially as the “Amazon Effect” continues to cause major disruption across many supply chains and demands more efficiency and further collaboration between shippers and carriers to deliver product to customers where and when they expect it.
Actionable Steps for Manufacturing Shippers
In order to ensure that their operations are nimble, optimized and efficient, there are a number of key steps that manufacturing shippers can take.
What trends are you currently seeing in the manufacturing space?