What did I hear at IEOC? Part 1
Every year around this time, the National Fluid Power Association hosts the Industry and Economic Outlook Conference - NFPA and IEOC. I attend this conference and I listen, make notes, try to understand the trends, and then share the information with my customers and my audience on this blog.
Part 1. What did I hear from Alan Beaulieu - Well, Alan is a favorite speaker at this event because of his vast knowledge of economics, fluid power business, and the many markets served by fluid power technology. His message was mixed as he called the next 12 months a "period of uncertainty." Alan represents the Institute for Trends Research - ITR.
The GDP is slowing down and we are on the backside of the ITR curve meaning that we are in a period of slowing growth leading to a period of negative growth. The good news is that Alan is predicting a brief downturn, a slight recession that was actually pushed forward by tax reform. The first half of 2020 should have a slight recession ending in a growth period for all of 2021. That is good news but it may be brief because there may be another downturn in 2022
Some of the other notes that I took from Alan's talk include that the US GDP will show a growth of about 0.9% in 2019. Also, he mentioned that exports make up about 8% of that GDP. But our trade imbalance is at a record high.
The key takeaway from his talk is that your company's marketing and sales message need to change to match the marketing conditions. Be prepared for the changes
Part 1. What did I hear from Alan Beaulieu - Well, Alan is a favorite speaker at this event because of his vast knowledge of economics, fluid power business, and the many markets served by fluid power technology. His message was mixed as he called the next 12 months a "period of uncertainty." Alan represents the Institute for Trends Research - ITR.
The GDP is slowing down and we are on the backside of the ITR curve meaning that we are in a period of slowing growth leading to a period of negative growth. The good news is that Alan is predicting a brief downturn, a slight recession that was actually pushed forward by tax reform. The first half of 2020 should have a slight recession ending in a growth period for all of 2021. That is good news but it may be brief because there may be another downturn in 2022
Some of the other notes that I took from Alan's talk include that the US GDP will show a growth of about 0.9% in 2019. Also, he mentioned that exports make up about 8% of that GDP. But our trade imbalance is at a record high.
The key takeaway from his talk is that your company's marketing and sales message need to change to match the marketing conditions. Be prepared for the changes
