Economic activity in the manufacturing sector contracted in May for the first time since November 2012, and the overall economy grew for the 48th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
Formidable challenges, from tough economics to rising market complexity, are driving a profound rethinking in the manufacturing industry, according to a global survey by IDC Manufacturing Insights called "Business Strategy: The Journey Toward the People-Intensive Factory of the Future." In this context, effective factory management is essential. In fact, more than 43 percent of survey respondents declared they have a formal process in place to design future production plants.
Despite all the hype surrounding America's supposed Manufacturing Renaissance, the data has painted a starker picture for some time. Hardly a renaissance, U.S. manufacturing has seemed to be closer to a recession.
U.S. manufacturing has been one of the few bright spots of the recovery, restoring 489,000 jobs since the beginning of 2010. However, there are some significant geographic distinctions in that recovery, says a recent report.