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Automation Alley | Global Economic Outlook 2022+

Michigan Business Network
January 24, 2022 2:00 PM


The event this past Wednesday, included MBN's Chris Holman presenting the Michigan Future Business index.

As in recent years, Automation Alley took some time in January to look forward providing the knowledge necessary to navigate the road ahead. That event was their annual Global Economic Outlook on Jan 19.

This year the event took place both in-person at the Townsend Hotel of Birmingham, MI, and virtually. Although the global market may seem like it's shrouded in uncertainty, the experts have been conducting in-depth research that can help your business succeed.
Whether you're on the factory floor or in the boardroom, these insights are tailored to help you push forward. Having both live and virtual options for this was done to equip people with the knowledge they need.  
A breakfast reception was followed by a welcome and introductions provided by Tom Kelly, Executive Director, and CEO, Automation Alley. He highlighted how in the past two years Automation Alley has grown from 700 to 1,500 members. Also growing from 240 to 1000 manufacturers in Michigan. Companies that are focused on learning and implementing Industry 4.0 going forward. Globalization is a phenomenon driven by technology.
Click here to check out the presentations from Wednesday morning Jan. 19th and the GEO2022+ event.

Advancing Michigan's World Leading Role in Industry 4.0 - Natalie Chmiko, VP of Pure Michigan Business Connect and Director, International Trade, Michigan Economic Development Corporation. She shared details about those two programs, and how they are assisting in advancing Industry 4.0 in Michigan.
Next up was a presentation "Global Headwind and Tailwinds" - Noel Nevshehir, Director of International Business Services and Global Strategic Partnerships. He discussed Automation Alley's international trips and the world challenges in this uncertain time. He then introduced  the next speaker.

2022: A Year of Living Hopefully - James E. Glassman, Managing Director, JPMorgan Chase & Co. and Head Economist for Chase Commercial Banking. Jim covered a wide range of economic topics ranging from the microchip shortage, supply chain challenges, remaining impacts of COVID19, and its varients. Much of his discussion is whether government policy decisions helped businesses in the crisis. GDP, national output essentially is back to where it would have been without the pandemic. Unemployment, and the job market, and employee participation rate were reviewed in how they impact the current talent shortage. 4 million people dropped out of the job market in the past two years. Tranistory inflation was another topic of discussion. This was then followed by a review of the stock market and its valuation in comparison to the size and growth of the economy.

Michigan's Future Business Index - Chris Holman, Founder, and CEO, Michigan Business Network. This was an opportunity for Chris to share the results from the survey conducted during November that reviewed recent business and what the Michigan business community is expecting over the next six months. Michigan's specifics echo the national economic data that Jim was sharing. Wages are increasing, but wage inflation is a concern, sales are still rebounding from the COVID hit. Talent acquisition remains a challenge, businesses continue to warm to hybrid/remote work situations. Investments are showing signs of resuming. Chris reviewed the satisfaction with the economy, concerns with inflation. There are reasons for both optimism and concern going forward and the MFBI points out the details of what those are. 

Noel Nevshehir returned to stage, and share closing remarks. Here's the video of that event:

Consistently rated as one of Automation Alley's most insightful events, their panel of experts will arm you with the knowledge to navigate the ever-changing business landscape, please take the time to watch the video above!

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Michigan Business Network is an online broadcasting company that provides knowledge, news, and insights into Michigan’s businesses, industries, and economy.