While the U.S. economy may be experiencing a soft landing, there are still concerns related to labor and housing costs. In the January Number that Matter Live, Economics Editor Bill Wood discussed the current trends and challenges facing the plastics industry, including specific markets like automotive and residential construction.
Wood argued that inflationary times benefit small businesses, and he discussed pricing strategies in a competitive market.
Overall, Wood said he is optimistic about the U.S. economy and the plastics industry.
“Right now we enjoy the distinction of being the best economy in the world,” Wood said. “We know that the major competitor, China, is in trouble. And Europe is lagging behind us for a number of reasons. So this is the place to be right now.”
He also acknowledged the need for automation in manufacturing and the potential for AI to replace jobs in the future.