Week 22 in Manufacturing News
US: Richmond Fed Manufacturing Index recovers to -27 in May vs. -47 expected; EU recovery fund faces prodigious hurdles to reach consensus; How crises transform the manufacturing sector; 6 Keys to a Successful Restart After COVID-19.
US: Richmond Fed Manufacturing Index recovers to -27 in May vs. -47 expected
The activity in the Federal Reserve’s Fifth District’s manufacturing sector continued to decline at a softer pace in May than it did in April. All three components — shipments, new orders, and employment — were above their April readings but still in contractionary territory.
Source: FX Street.
EU recovery fund faces prodigious hurdles to reach consensus
Member states pore over €750bn borrowing plan as they seek route out of the budget impasse.
European Commission president Ursula von der Leyen’s plan fuses the recovery fund with the EU’s next seven-year budget, which she has said should total €1.1tn. National leaders have been trying and failing to agree on the spending pot for two years, but Brussels has argued that it is the only sound and available way to pump money into crisis-hit regions.
Source: Financial Times.
How crises transform the manufacturing sector
Economic catastrophes and global pandemics have historically had a significant impact on manufacturing. With robots increasingly being used throughout supply chains, the coronavirus outbreak could signal a new era for the industry – robotics. At a time when adopting robots is cheaper than ever, the incentive to restore production is even stronger.
Source: The New Economy.
6 Keys to a Successful Restart After COVID-19
Restarting a manufacturing operation is a huge undertaking in calm times. When you factor in the complexities of the post-pandemic environment, it can be overwhelming.
- Plan Ahead
- Rethink Your Supply Chains
- Know Your Critical Talent Skills and Needs
- Connect to Value Chain with Increased Engagement
- Put Emphasis on Safety