The Need for Speed - Manufacturers Must Adapt Workers’ Skills for Fast Covid-19 Recovery
Claudia Jarret, US Country Manager | EU Automation
The “new normal” COVID-19 era demands faster production speeds, as well of quality, of US industrial manufacturers. Here, Claudia Jarret, US country manager at EU Automation, explains that if manufacturers want to emerge stronger from the COVID-19 crisis, they mustn’t overlook the importance of reskilling their workforce for maximum economic recovery.
Manufacturers have faced both high and low demand scenarios during the coronavirus pandemic. On the one hand, production of high-tech equipment has risen as the demand for computers, peripherals, communications equipment and semiconductors reaches an all-time high as has demand for appliances. Automotive manufacturers are filling order backlogs that have accumulated during lockdown.
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April’s jobs report was lower than expected, but Wall Street didn’t care.
The U. S. economy produced only 266,000 new jobs in April. The private sector added 218,000 jobs. Meanwhile, government employment rose by 48,000. As a result, unemployment moved from 6 to 6.1 percent.
Stocks React
Following the release of the jobs numbers, all the major exchanges posted gains. The Nasdaq moved up 1.1 percent, the S&P 500 gained .7 percent, and the Dow rose .4 percent.
The jobs report had no impact on the markets. So, what caused them to move up? Inflation fears were eased. However, since that time some inflation concerns have increased stock volatility.