The month of February was good for manufacturing according to a report by the National Association of Manufacturers (NAM) that shows a rebound form the January decline. There was some speculation that severer weather in January affected the overall performance of the manufacturing sector of our economy.
It looks like that might be true because some Federal Reserve numbers released for March show strength in manufacturing also. Furthermore, manufacturers seem to be upbeat about the next six months. This perception is very important for continued growth of manufacturing in the U.S. Of course, such growth will help the fluid power industry as mobile and industrial machinery continues to be built and ordered for many OEM markets like Construction, Machine Tools, Medical, and more.
Housing starts showed a slight gain in February to an annualized rate of 907,000 from 905,000 in January. Again, good news for fluid power because of the need for all kinds of mobile components on small construction machinery like skid steers. This is a very important fluid power market.
I just feel that it is so important to continue seeing positive or at least encouraging economic reports. I am looking forward to the next NFPA economic update because it so carefully frames all of the economic news and how it impacts the fluid power market. For more information on how you can be included in those webcasts, go to their website.