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Taylor Group Inc. President and COO Robert Taylor discusses her business takeover, the willingness to hire new workers and raise wages, inflation and how she has responded to the Biden administration.
US manufacturers expanded in March at the fastest rate in 37 years, a sign of increased demand as the pandemic subsides and emergency government aid flows through the economy.
The Institute for Supply Management, a professional group of purchasing managers, said its measure of plant activity climbed to 64.7 last month, from 60.8 the month before. That’s the highest since December 1983. Part of the gain may reflect a rebound from February, when harsh winter conditions in Texas, Louisiana and other southern states took some oil refineries offline and petrochemical plants.
BIDEN’S $ 2T EXPENDITURE INVOICE AS RELEASED BY OBAMA’S ECONOMIC ADVISOR, BUT INFLATION CONCERNS REMAIN
Measures of new orders, production and hires all jumped, with more companies reporting optimistic prospects for future business conditions.
However, many companies have also reported difficulty meeting demand as supply chains have delayed the shipment of parts and many companies have struggled to hire enough new workers.
“Extended delivery times, large-scale shortages of critical base materials, rising raw material prices and product transportation difficulties affect all segments of the manufacturing economy,” said Timothy Fiore, president of the ISM’s committee of inquiry on manufacturing companies.
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These worries may compound fears of rising inflation in the coming months, as post-pandemic spending spikes could continue to outstrip supply. International shipping has been harassed by delays at ports which often have fewer workers to prevent the spread of the virus. The blockage of the Suez Canal, which is still in progress, further disrupted international navigation.
Most economists expect inflation to pick up in the coming months, but will only do so temporarily. As supply bottlenecks are resolved, inflation is expected to ease, analysts say.
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Americans have shifted spending during the pandemic as most consumers have been reluctant or unable to eat out, shop, or visit movie theaters as often as in the past. Instead, they spent more on factory products, such as new cars, furniture for expanded home offices, and training bikes.
Factories have steadily rehired workers since last spring, but have only regained about two-thirds of the jobs lost due to the pandemic.
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