Industry Trends & Analysis

In addition to helping counteract any automation-caused unemployment, writes Brad Jones for the website Futurism, a universal basic income could provide a huge boost to the U.S. economy. A study from the Roosevelt Institute predicts that 8 years of universal basic income would result in a $2.48 trillion increase in the nation's gross domestic product.

As reported in The Wall Street Journal, nearly 200 parents of high school students in Fort Collins, Colo., recently gathered for "Parents' Night." Their children, they were told, could have great, well-paying careers while being "the next generation of makers." The venue?

As 2017 winds down, economists and experts agree that manufacturing has had a good year and growth should continue throughout 2018 in the U.S. and globally.

The unemployment rate in the manufacturing industry for private wage and salary workers is at its lowest point in 17 years, reports the Federal Reserve Bank of St. Louis. November had a rate of 2.6 percent unemployment, down from a high of 13 percent in January 2010 and the lowest since 3.1 percent in June 2000.

Economic activity in the manufacturing sector expanded in November, and the overall economy grew for the 102nd consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business. The November PMI registered 58.2 percent, a decrease of 0.5 percentage point from the October reading of 58.7 percent.

Regal Cutting Tools, Roscoe, Ill., has been part of Hononegah Community High School's Workplace Readiness Program for years, including job shadowing and training workshops. The company also is very involved in Beloit Memorial High School's technical programs, providing mentorship, summer apprenticeships and internships.

The McKinsey Global Institute released new research this week that outlines opportunities to boost manufacturing by up to $530 billion, or 20 percent, over current trends by 2025—and create more than 2 million jobs. The report also provides fresh details on why the US manufacturing sector has suffered steep declines.

Economic activity in the manufacturing sector expanded in October, and the overall economy grew for the 101st consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business. The October PMI registered 58.7 percent, a decrease of 2.1 percentage points from the September reading of 60.8 percent.

Similar to the parts manufacturers and equipment suppliers we reach, Cutting Tool Engineering strives for continuous improvement. This endeavor includes the feature article, columns and departments, as well as our website, with our most recent efforts focused on the news section.

In a clear echo of the 'Rosie the Riveter' campaign of WWII, manufacturing organizations in 2017 are striving to let women know that their talents are needed, the work is important and rewarding, and unlike in their grandparents' time, the jobs are permanent.

Good news about the manufacturing economy was shared with members of the United States Cutting Tool Institute who attended the trade association's fall meeting, held Oct. 7-9 in Coeur d'Alene, Idaho.

Keith Jennings, who writes the Manager's Desk column for Cutting Tool Engineering, shares his thanks for being able to work after surviving the epicenter of Hurricane Harvey in August.