A lot is happening in the cutting tool industry in the month of December. Continue reading our news roundup to learn more about what’s happening in the industry this month.

ISM: Economy to Improve in 2024

The Institute for Supply Management (ISM) predicts economic improvement for the United States in 2024, according to its December 2023 Semi Annual Economic Forecast. The Tempe, Arizona based organization’s latest report is based on a nationwide survey of manufacturing and services supply executives taken in November.

Revenues are expected to increase in 15 of 18 manufacturing industries and in 16 of 18 services-sector industries. ISM’s panel of purchasing and supply executives forecast a 5.6% net increase in overall revenues for 2024, compared with a 0.9% increase reported for 2023.

For the full report click here. 

Tackling Alberta’s Skilled Labor Shortage Means Investing in Education

Canada’s skilled labor shortage is reaching a crisis point. A report last year from the Canadian Manufacturers and Exporters (CME) should concern all Canadians, not just policymakers. Based on input from over 560 manufacturers in 17 industries across the country, the survey found that almost two-thirds had lost or turned down contracts and experienced production delays due to a lack of workers, including welders, machinists, and industrial mechanics. 

The cost to the Canadian economy has been considerable. According to the CME, the penalties and lost sales resulting from the labor shortage totalled more than $7 billion. Postponed or canceled capital projects resulted in another $5.4 billion in lost investment. And that’s just the manufacturing sector. The energy, transportation, advanced manufacturing and construction industries are also struggling to find and keep the workers they need. 

To read more into this shortage and what it may mean for you click here. 

Plant of the Year Award is Given Out

FieldComm Group has announced that the Daikin Industries Ltd. Plant in Kashima, Japan, has been selected as the 2023 Plant of the Year. This is the 21st annual awarding of this international honor, presented to end-user companies in the process automation industry to recognize the exceptional and valuable application of Foundation Fieldbus, FDI and/or HART Communication technologies.

For further information on the awards recipient click here. 

Contact Custom Tool & Grinding

We hope you enjoyed our December roundup! Now learn more about how we can help you with your tools, request a quote from us here.