NFPA’s 2023 Industry and Economic Outlook Conference successfully concluded on August 16th at the Westin Chicago Northwest in Itasca, IL. The conference began the morning of August 15th and featured twelve presentations on the future of the economy and fluid power industry.
Key presentations throughout the conference included Jeremy Bess of ITR Economics, Jim Meil of ACT Research, and Scott Klososky to discuss technology and artificial intelligence. Bess kicked off the conference with an update on the U.S. and global economy. ITR expects a mild recession for U.S. industrial production and fluid power shipments in 2024 but predict a strong recovery to begin in 2025.
Scott Klososky ended the first day by speaking about data and artificial intelligence. Klososky spoke to the importance of collecting data and understanding how to use it as an asset. Combining human intelligence with machine intelligence creates hybrid intelligence, also known as a “Centaur”. Klososky thinks AI should be treated like a brilliant child that needs a lot of human attention and guidance. In particular, with “more love than fear”.
The conference concluded with Jim Meil of ACT Research presenting his fluid power forecast. Meil is an industry veteran and a trusted source of forecast data. Jim predicts a slow economy but no recession on the horizon. Fluid power shipments will turn up in Q4 2023 and build momentum in 2024. He highlights pent up demand due to “supplier snafus” in 2021-22 as a driving force. Key indicators going forward will be the stock market, purchasing manager index, and the federal reserve’s decisions on interest rates.
The 2023 Industry and Economic Outlook Conference saw over 275 industry professionals join for networking and industry insights. NFPA thanks everyone who attended, and all involved in making the conference possible. We hope to have you back next year at The Westin Chicago Northwest, August 13-14, 2024!
Like this post? Share it!
Recent Posts
Reserve Your Spot at the 2024 IEOC Lunch Tabletop Exhibition!
August 13–14, 2024The Westin Chicago Northwest, Itasca, ILLearn More | Register Get your business in front of attendees at 2024 Industry & Economic Outlook Conference (IEOC) via the new Lunch Tabletop Exhibition! For $2000*, each participating company will receive an 8-foot, black clothed table with two chairs in the location during the networking lunch break on Tuesday,…
Oxford Reports Updated: Fluid Power Forecast, By Country Briefings and Forecasts, and Monthly Industry Briefings
Global Fluid Power Report and Forecast Includes a global macro summary, by-country customer market forecast & analysis, as well as by-country fluid power industry forecasts. Countries covered in the report: US, Canada, Mexico, Brazil Poland, Netherlands, Italy, Germany, France, Belgium, UK, Russia, Taiwan, South Korea, Japan, Indonesia, India, China, Australia, UAE, and South Africa. Insights include: By Country Briefings…
NAM Regulatory Update: Q&A – The Looming 2025 Tax Challenge
As part of an effort to bring more information about the regulatory and legal environment facing American manufacturers, NFPA is monitoring the newsfeed of the National Association of Manufacturers (NAM) and will be bringing important updates like this to the attention of NFPA members. The NAM recently launched “Manufacturing Wins,” the manufacturing industry’s campaign to…