The speaker on the webinar was John Murphy of ITR Economics and he did a very fine job of presenting his views on the economy as it relates to the fluid power industry. ITR is the regular presenter of the quarterly NFPA economic update webinars. The big economic event hosted by the NFPA is the annual Industry and Economic Outlook Conference in August and you can also find more information about that on their website.
My key takeaway from May 26th presentation is that we are beginning to see "green shoots" in the industry and the markets served by fluid power technology.
John made the point that the worst of the decline is over and that the second half of 2016 should be stronger than the first half. Two of the markets that have been experiencing headwinds in the past few years are mining and construction and John felt that even here we can see some growth between now and the end of 2018.
There may be a macroeconomic recession in 2019 but it should be a very mild one. Some of the markets served by fluid power are now in what ITR refers to as a phase A recovery which means that, while the numbers are still behind last year, the gap is closing.
With this being said, John did make the point that now is a good time to advertise to take advantage of the recovery. This is were we at Fluid Power World can really help fluid power manufacturers and distributors. We have all the tools to help your company to connect with new customers and prospects with our magazine and digital network including our websites, e-newsletters, and custom media. Please contact me for more information.