Well, here we are in August 2011, post near economic disaster of default. The leading indicators for our industry are still healthy. The second quarter GDP seems like it is settling in around 1.3 or so. The Manufacturing index has dropped but it is still over 50 at 50.9, and unemployment is an unsettling 9.2%.
What does all of this say for fluid power? For a more definitive answer, plan to attend the NFPA Industry and Economic Outlook Conference in two weeks in Schaumburg, IL. There you will learn some solid, fact-based projections on the economy of fluid power.
For now, it looks like the near-miss of the debt ceiling crisis had no effect on our industry. Unemployment is bad for everyone but it does not seem to slow down the fluid power economy. Now, the manufacturing index is a concern for me because that is directly related to our industry. I hope that Alan Beaulieu and Eli Lustgarten tell us not to worry.
I am still bullish on fluid power. I believe that we will see a strong rest of 2011 and a solid 2012. What do you think?