Elite Metal Tools Articles

Industry news, tips, and updates on all things Elite Metal Tools

Industry News: Positive Outlooks In the Face of COVID-19

Submitted by mkuyvenhoven@e… on

It is safe to say the COVID-19 virus has impacted the lives of every individual, both in the US and globally—and continues to affect the lives of people everywhere, in both their personal and professional lives. In what seems like an endless period of furloughs, suspended production, and closed doors, industries are beginning to surge back to life. With our partnered manufacturers, we have been devoted to serving you and your business' through the pandemic.

Though much of the US market continues to fight its way back to pre-COVID production and operation, many of the industries we serve are surging back to life. An August report from the Institute for Supply Management shows another month of economic growth for all US manufacturing. The end of August marked the 4th consecutive month of growth as well as the highest overall growth in nearly two years. This growth is, largely, attributed to a high volume of orders due to low inventories. Industry-wide surge in orders has resulted in an increase of employment, order fulfillment, and production. Manufacturing within the US is not only recovering—according to the Institute for Supply Management, their reports indicate an expansion in US manufacturing as a whole.

The industries we largely serve—those in fabrication, furniture making, agriculture, etc.—the growth looks similar. The furniture manufacturing, metal fabrication, and machinery manufacturing industries have shown optimism within the market. In regards to labor markets within these manufacturing industries, unemployment rates alone has dropped nearly 75% between April and August and is currently around 3.4%. (US Bureau of Labor Statistics) Weekly hours worked is also steadily increasing to match the demand in the market. This includes the demand from consumer markets and industrial markets seeking equipment and manufacturing machines. Employment within the manufacturing sectors prior to the coronavirus outbreak was already on a slow decline as order volume decreased due to changes in US trade agreements. As demand continues to increase, both for means of production and consumption, and order volume continues to increase, supply will become thin.

Given the current state of our economy and the industries we serve, demand is much higher than expected. If you wish to purchase a machine we recommend you speak with a sales representative at Elite Metal Tools to discuss lead times and backorder statuses. If the machine you are looking for is not in stock, we are more than happy to place a hold on a machine for you. Keep in mind, products will ship in the order in which we receive them—If your machine is not in stock, be the first in line. If your machine is in stock, get it before it's gone. If you have any questions regarding a machine, not sure what you need, or just need assistance placing an order, give us a call or email us.