Board Converting News, January 8, 2024


that I have received since taking on the president role. There are so many individuals dedicated to the corrugat- ed packaging industry, and more specifically, dedicated to growing the industry’s workforce. Together, we will make a difference. To read the ICPF's annual report, visit . Caitlin Salaverria is the President of the International Cor- rugated Packaging Foundation. NAM: Manufacturers Contributed Record $2.85 Trillion To US Economy Real GDP soared 4.9 percent at the annual rate in Q3 2023, the best quarterly gain since Q4 2021 while the U.S. economy continued to show signs of strength and resil- ience despite ongoing challenges and worries about the

tute of Packaging Professionals (IoPP), PMMI, TAPPI, and the Canadian Corrugated and Containerboard Association (CCCA). We also attended the Manufacturing Institute’s second annual Workforce Summit and made corporate partners aware of national resources that can help them find solutions to their hiring needs. Our work in 2023-2024 is dedicated to developing effective strategies to strengthen existing programs, ini- tiate outreach, increase industry exposure, and evaluate impactful partnerships. Future years will include ongoing and new short-term objectives as we implement a variety of new strategies and evaluate performance. Stay tuned in 2024 and beyond, as we continue to expand the foundation’s work to address other critical in- dustry needs. I am humbled by the outreach and support

outlook, according to National Association of Manufacturers (NAM) Chief Economist Chad Moutray: “The U.S. economy is expected to grow 2.5 percent and 2.0 percent in 2023 and 2024, respectively, with 2.4 percent growth in Q4. The probability of a “soft landing” has increased in recent weeks, but there contin- ue to be sizable downside risks in the eco- nomic outlook. “Encouragingly, manufacturing val- ue-added output increased to $2.853 tril- lion at the annual rate in Q3, an all-time high. Manufacturing gross output also rose to a new record, at an annualized $7.271 trillion in Q3. Real value-added output in the man- ufacturing sector increased to $2.313 trillion at the annual rate in Q3, as expressed in chained 2017 dollars. This figure was not far from the record high set in Q4 2021, which was $2.314 trillion. “New durable goods orders jumped 5.4 percent in November, or 0.5 percent with transportation equipment excluded. These data have trended higher year to date, providing resilience to the sector despite lingering challenges. Through the first 11 months of 2023, new durable goods orders have risen 4.7 percent, or 1.7 percent growth year to date with transportation equipment excluded. “Orders for core capital goods — a proxy for capital spending in the U.S. economy — rose 0.8 percent to a record $73.97 billion. Core capital goods orders have risen 1.4 percent year to date, or 2.0 percent over the past 12 months. “Michigan created the most net new manufacturing jobs in November, rebound-


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10 January 8, 2024

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