John Wolz

Three-quarters of fastener companies raised prices an average of 8.2% in 2007, according to the End of 2007 FIN Survey of the Fastener Industry.
More price hikes are anticipated in the first half of 2008, as 92.3% of importers, 73.9% of distributors and 70% of manufacturers expect to raise prices in the next six months.
Only 3% of survey respondents had to cut prices in 2007.
” The percentage of fastener firms reporting sales increases in the 29th annual FIN Survey dropped from 70% for 2006 to less than 50% for 2007. Profits were steady as the FIN Profit Index remained the same as the year before.
The first month of 2008 brought increasing headlines about the U.S. economy heading into a recession. Though the percentage of fastener companies reporting actual sales increases declined from 2006 to 2007, the majority still had sales gains last year, observed Tony Casilio of AWP Research, who has been conducting the FIN Survey for 14 years.
” More than 65% of survey respondents reported a rise in costs during 2007.
” The average pay raise dropped to 3.2% in 2007 from 4.6% the previous year. The number of companies holding the line on employee compensation nearly doubled from 2006.
” Nearly three-quarters of fastener companies increased their workforce or maintained current staffing levels in 2007.
” Economic confidence is down. Executives expressed more confidence in the global economy than in North America.
” The FIN Company Performance Index held even at 6.8. \ �2008 FastenerNews.com