Are You Prepared for Economic Changes?

I recently participated in a webinar conducted by an economic specialist who is predicting the slow US economic recovery to continue until about mid-2013. The economist broke the growth down by various sectors (i.e. pharmaceutical, personal care, beverage). While all of the sectors are expected to continue with some growth through mid-2013, they are all moving at different rates and will top out at different times.

The sectors with the strongest 2012 growth are predicted to be Durables, Hardgoods, Components and Parts with an anticipated growth rate of 4.8%. They are followed by Chemicals and Cleaning Products at 4.2%, Beverages at 3.9%, Personal Care at 3.5%, Pharmaceutical at 2.6%, and Food at 2.2%.

Interestingly enough, the economist shows a downturn in 2014 that will have all sectors in negative growth except for Pharmaceutical which is predicted to have a 3.3% positive growth. The reasoning behind the growth in pharmaceuticals is the aging baby-boomers who will continue to need pharmaceuticals in ever-growing quantities.

How will these economic trends affect your company? Are you taking full advantage of the current growth trend? Will you be positioned properly for the 2014 dip? What steps are you taking now and/or will take to make the most of the economic trends?

The author, Marge Bonura, is the Director of Sales & Marketing for New England Machinery, Inc. (NEM). NEM is a leading packaging machinery manufacturer of bottle unscramblers, cappers, orienters, retorquers, lidders, pluggers, pump sorter/placers, scoop feeders, hopper elevators and much more. The company has been in business since 1974 selling to the food, beverage, pharmaceutical, personal care, chemical, household products, automotive and other industries. For more information on NEM, visit their website at http://www.neminc.com/.