During the 2008-2009 recession, many U.S. textile mills went into the red for a few quarters. In 2011, “all of the anticipated textile and apparel profit numbers look to remain solidly in the black,” according to Robert S. Reichard, economic editor for textileworld.com. Earnings in 2011 have been dragged down by the increased cost of cotton, other fibers, transportation, chemicals and dyes, says Reichard, but he sees some upbeat signs for the future of American mills. These include reduced consumer debt loads, a recovery of U.S. net worth over the recent recession, low interest rates, new government stimulus moves and the “huge amount of cash U.S. firms are sitting on.” Exports from China are fractionally lower every year, as internal inflation and rising currency crimps Chinese competition for U.S. consumer dollars.
Textile mill profits down, but not under
News | February 1, 2012 | By: ATA
You might also like...
2024 Techtextil and Texprocess Innovation Award winners announced
EMPEL textile finishing expands into Korea with Hwasung International
Former longtime SP Associates owner Gabe Hill dies
Jones Family of Companies announces growth, new developments
FabricLink Network announces development of The Textile Gateway
DITF and VRETENA win Cellulose Fiber Innovation of the Year 2024 Award