On August 16-17, 2010, the National Fluid Power Association will host the 2010 Industry and Economic Outlook Conference in the Chicago area. Most of us in the fluid power industry look forward to hearing the various reviews and forecasts that involve the markets served by the fluid power industry.
To supplement the information provided at this annual event, NFPA conducts quarterly webcast updates of the state of the fluid power economy. On May 14, 2010, James Meil of Eaton Corporation gave the update and it was mostly optimistic. Among the key points illustrated in that presentation was the fact that all signs now show a recovery. In fact, the recovery has been in progress for about a year now.
The recovery is fueled by strong consumer spending and trade improvements. However, this is an unusual recovery because of the damage caused by the Great Recession to our nation's financial institutions making credit tighter and growth more difficult than in past recoveries.
It was particulary encouraging to learn of the six-month increases in all fluid power market segments including construction, agriculture, mining, and material handling. Mobile hydraulics have shown a 89% bounce back from the deep drop in shipments during the depth of the recession. We still have a long way to go to reach the peaks of the previous boom period.
I look forward to learning about the projections and forecasts of economic experts at the Industry and Economic Outlook Conference. For more information, visit the NFPA website.