Right now the world is facing global economic struggles that have been driven by geopolitical energy issues brought on by the Russian war on Ukraine, alongside prolonged supply chain issues from the pandemic and the knock-on effects on the US economy and business markets. It is a testing moment, make no mistake, but the US is stronger than most.
Air gases supply is the bread-and-butter of the industrial gas (IG) business. It has been impacted in some markets more than others by supply chain and labor issues. These issues caused some planned plant startups during the past few years to be delayed – and it has slowed new plant builds due to lack of demand. But US economic data points to some markets being more resilient than others. Markets that have fared better included healthcare, electronics, and food processing, while the greatest negative impact was on manufacturing and on metals.
So we begin 2023 with hopes that the economy will normalize, and that the Federal Reserve has done enough to ward off further economic downturns. This past year has seen the economy hampered by inflation, rising energy prices, and lack of labor.
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