Jason Sandefur

Nearly 70% of fastener companies saw orders drop in the final quarter of 2008, including 40% of fastener firms that reported a “significant” decline in orders, the 30th annual FIN Survey found.
Seven in 10 manufacturers saw Q4 orders fall, while 18% said orders “exceeded expectations” and 12% reported little variation in order activity.
Among distributors, 61.6% recorded a drop in orders during Q4, including 38.5% who saw a “significant” drop in demand. Just over 25% of distributors said orders were stable, while 11.5% reported a rise in orders during the final quarter.
The news was equally grim for fastener workers.
More than 42% of fastener companies participating in the End of 2008 FIN Survey laid off workers in 2008. An additional 32% operated at current staffing levels, while one in four fastener companies added jobs during the year.
The number of companies planning to add more workers in the coming year dropped to 13.9% for 2009, down from the 31% forecasting job growth at the beginning of 2008, the FIN Survey found.
Just over 40% intend to operate with their current number of employees in 2009, while 38.9% of survey participants foresee job cuts.
Staffing strategies for the coming year include 16% of fastener companies who intend to cut their workforce, while 15.3% say they won’t fill vacant positions, 8.3% plan to outsource work instead of adding jobs, and 11.8% will cut salaries or benefits to survive the economic downturn. �2009 FastenerNews.com