Early indicators for a rebound in the manufacturing industry have begun to show for 2020.
The Federal Reserve Bank of Philadelphia recently released its January Manufacturing Business Outlook Survey with a much higher rating for the industry than was expected. In December of 2019, the reserve’s manufacturing read was only 0.3. Forecasters were hoping for a January number of 3.0. However, the January survey went well beyond these expectations with a score of 17.0.
Correcting the Dip in the Manufacturing Sector
Industry experts are now hoping the dip in the manufacturing sector may be correcting itself. For example, the report states that general activity increased almost 15 points in the last month. Over 1/3 of the business surveyed (39%) stated they had increases in their shipments and new orders while only 22% said that they could report decreases in these areas.
Overall, the figures indicate an increase in delivery speed over previous months and a drop in unfilled orders while also demonstrating the highest level of confidence in the industry in over a year.
Increase in Confidence Means Manufacturers Will Be More Competitive
Because of the improvement in the manufacturing industry expectations, you can expect those businesses to become much more competitive. To take advantage of this, manufacturers will need to stand out from the rest of the pack. One way to do this is with Configure One CPQ software. Configure Price Quote software helps manufacturers offer more opportunities for customers so they can create and craft the products that fit their specific needs. By offering customization, manufacturers can expand their sales with more options that the customers want to see.