Purolator Survey Forecasts Indicator of Overall Economic Health for the Region
JERICHO, NY: Freight forwarder giant, Purolator International recently published its first Long Island Supply chain Index, a quarterly survey of Long Island manufacturers’ with a forecast for the next six months. The survey results reflect Long Island manufacturers’ plans through May 2016 and can be used as an overall indicator of the area’s economic health.
The survey was jointly conducted by Stony Brook University and Princeton Survey Research Associates and has reached across 200 Nassau and Suffolk County manufacturing leaders, who has participated in the phone survey. “This is a timely and important discussion on where manufacturing is heading and how Long Island employees and companies can adapt to meet today’s challenges and opportunities,” says Kevin Law, President and CEO, Long Island Association.
Furthermore, the survey reveals that more than half (53 percent) of Long Island manufacturers expect their production levels to remain the same over the next six months, with another (38 percent) who are expecting to increase their production levels. However, manufacturing executives are not looking forward to see a major change in their inventory levels, instead expect them to stay the same, even for executives of companies in which production levels are expected to increase.
Most respondents are hopeful to maintain the same level of air shipment, with 11 percent citing an expected increase and 4 percent presuming a decrease. Of those who were hopeful for an increase, 82 percent attributes customer demand to be the core reason. The consistent use of ground versus air shipments and consistent inventory levels can be good for stable economy because companies use more air services when the economy slows down. – suggested the survey.
The Long Island Supply Chain Index survey obtained data by interviewing the sample population of manufacturing businesses located in Nassau and Suffolk counties of New York. Data was collected through landline phones from November 3, 2015 to November 18and claims a margin of sampling error for the complete set of data to be ±7.0 percentage points with a response rate of 13 percent.