Issue link: http://www.insightdigital.biz/i/74682
By the NUMBERS Economic activity in the manufacturing sector contracted in June for the first time since July 2009; however, the overall economy grew for the 37th consecutive month, say the nation's supply executives in the latest Manufacturing Institute for Supply Management Report On Business. "Technology innovation has clearly emerged as a core component of strategic planning in the industrial manufacturing sector." –Barry Misthal, global industrial manufacturing leader for PwC » 92 percent of U.S. industrial manufacturers expect positive own-company revenue growth » 50 percent of manufacturers plan to add employees to their workforce in 2012 (the most sought after employees will include production workers, professionals/technicians and skilled workers) » The top three perceived barriers to growth were oil/energy prices (53 percent), lack of demand (47 percent) and legislative/regulatory pressures (40 percent) » Optimism about the world's economic prospects rose to 44 percent in the first quarter of 2012, up 28 points from 16 percent in the fourth quarter of 2011 » The projected average growth rate for own-company revenues rose to 5.6 percent for the year ahead, up from 4.4 percent reported in the fourth quarter of 2011 » 71 percent of industrial manufacturers view digital change and digital transformation important to the growth of their businesses over the next one to two years Source: PwC's (PricewaterhouseCoopers) Q1 2012 Manufacturing Barometer Employee compensation per hour by major industry, 2010 $38.27 Total compensation: 17% difference $8.52 59% difference Benefits: $29.75 Wages and salaries: 8% difference $32.84 $5.37 $27.47 $0 $5 $10 $15 $20 $25 $30 $35 $40 Manufacturing Non-manufacturing industries Source: Economics and Statistics Administration calculations using unpublished data from the National Income and Product Accounts, Bureau of Economic Analysis. Note: Wages and salaries include paid leave and supplemental pay, such as overtime and premium pay, shift differentials, and non-production bonuses. 20 | INSIGHT on Manufacturing • July 2012 www.insightonmfg.com