Industrial production increased 0.9% in March, according to a new report from the Federal Reserve. It increased by 0.9% in February, too. That adds up to a rise of 8.1% in the first quarter.
Automative production in particular jumped 7.8% in March.
Total industrial production in March was 5.5% higher than it was at the same time in 2021. In fact, industrial production is currently at 104.6 percent of its 2017 average. This is the best report since the start of the pandemic.
In fact, these numbers are better than December 2019, before the pandemic.
Good news?
This is clearly good news for manufacturing. However, it’s not all beer and skittles. Supply chain disruptions, lack of raw materials, labor shortages, and ongoing problems caused by climate change, the pandemic, and the war in Ukraine are affecting many different industries.
The result is a level of economic uncertainty that goes against the production increases being seen not only in the U.S. but around the globe.
Inflation is another factor. Investments in new technologies may slow down with the sense of instability brought about by the continued disruptions.
If it’s not time to invest in new machinery, it may be the perfect time to invest in repair or reman of your Rexroth industrial motion control systems.
Factory repair and reman bring your components back to you in like-new condition, often with a new warranty. Call (479) 422-0390 for immediate assistance.