Economic Forecast: Navigating a Tricky Economic Terrain in 2024

istockphoto/baona

By Phillip M. Perry

High-interest rates and slower economic growth will put increasing pressure on business profits in 2024. The good news is that economists expect the Federal Reserve to lower inflation to desired levels by the end of the year. Robust housing activity, high employment and optimistic consumers will help the nation sidestep a recession.

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2022 Brushware Machinery Showcase & Supplier/Manufacturer Spotlight Combo Issue

 

The 2022 Brushware November-December Machinery Showcase & Supplier/Manufacturer Spotlight issue is now available to all readers in digital edition format. This massive 84-page annual edition offers in-depth descriptions of all the top machines for the brush, broom, mop and roller industry along with detailed profiles highlighting available materials, products and services for the top industry suppliers and manufacturers. In addition, the issue has full coverage of the 2022 FEIBP Congress, a three-part feature on inflation and a profile on MGG North America CEO and President Alberto Voltolina.

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Case Study: Strategies to Successfully Navigate Inflation

By Lisa Anderson

Inflation continues to plague the world with escalating prices across a spectrum of products and services. The price of oil and gas has continued to rise and supply chain challenges persist, creating inflationary pressures across the board. Even though interest rates are rising, inflation isn’t yet getting under control. Thus, what are the best of the best doing to thrive under these extraordinary pressures?

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Inflation Busters: Protecting Profits As Costs Rise

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By Phillip M. Perry

Inflation is rising faster than any time in recent memory. Businesses must deal with rapid cost increases by managing cash flow efficiently and communicating effectively with customers and suppliers. The benefits of inventory reduction must be balanced against the need to maintain critical stock for top customers. Inflation has taken root. Businesses everywhere are dealing with annualized cost increases of nearly 7 percent — the fastest pace in 40 years and significantly higher than the 1.8 percent average of the past decade. The resulting upticks in operating costs can cause serious damage to the bottom line.

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Supply Chain Collaboration and VMI to Get Ahead of Economic Challenges

By Lisa Anderson

With record-breaking price increases and lack of material availability, manufacturers are experiencing increasing threats to profit margins and maintaining strong customer service. To add fuel to the fire, they are also now having to consider plans to prepare for a potential recession. It is becoming increasingly difficult to navigate these volatile times, and the most successful are not doing it alone. Instead, they are pursuing collaborative programs with supply chain partners. What is clear is that there will be more winners and losers created than at any other time in history. Thus, it is worth figuring out how to work with your supply chain partners to ensure mutual success rather than mutual demise.

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Inflation and Supply Chain Impact on Gordon Brush

 

Ken Rakusin, President and CEO, Gordon Brush Mfg. Co., Inc. was interviewed by reporter Renee Ing from Spectrum News 1 on how inflation and supply chain issues are affecting brush manufacturers.

“Everything is backlogged because we are having trouble getting the material needed to make our brushes and something that used to cost $5.00, is now $15.00,” says Rakusin, “The backlog has slowed my entire business down. We used to be able to quote and deliver in a one to two-week time period, now, we can’t do that anymore, we don’t know whether it’s going to be four weeks or six weeks.”

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