SUMMER 2023

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56 THE DISTRIBUTOR’S LINK GLOBALFASTENERNEWS.COM by JOHN WOLZ EDITOR editor@globalfastenernews.com THORNBERG TO PAC-WEST: NEXT FEW YEARS “YOU ARE GOING TO MAKE GREAT MONEY” “There are no major structural imbalances in the economy,” Dr. Chris Thornberg declared. “Clearly we are not in a recession now,” Dr. Chris Thornberg told the Pacific-West Fastener Association <strong>2023</strong> spring conference. Though there were “mixed economic signals” at the start of <strong>2023</strong>, but unemployment is just 3.5% and first quarter numbers were strong. The U.S. GDP rose 1.1% in Q1. “A ‘Main Street’ recession is unlikely in the near term,” Thornberg observed. Though there has been “excessive stimulus” due to Covid-19, there are no major structural imbalances in the economy now, the economist said.. “The next couple years you are going to make great money,” Thornberg told Pac-West members. The “narrative” pushed by some is that “a recession is nigh.” Thornberg said some nay-sayers are warning that inflation will crush customers and that “banking stresses are a sign of rot.” But it has been only a “Godot Recession” – a recession that is expected, but never arrives. Today there is a “hangover” from the massive dollars Congress threw at the economy, Thornberg observed. There is inflation. Asset markets have sagged. But spending is going back to normal after the Covid 19 over stimulation, he said. “This is not a market that is going to capitulate,” Thornberg said. Real estate listing prices haven’t fallen, he pointed out. There are too many job openings. BUSINESS FOCUS ARTICLE Thornberg noted there have been some bank failures, inflation is cooling and believes the U.S. is “half way through the current inflation trend.” “There are no major structural imbalances in the economy,” Thornberg declared. “Everybody has cash on hand,” he said. Consumer and business investment will offset any weakness in real estate or financial markets, Thornberg predicted. “The economy is driven by the availability of workers.” The term “Miserabilism,” of the past decade is the “negative, scary headline” that can change the narrative about the economy, Thornberg said. Such narratives can lead to consumer confidence dropping. The real worries that have the potential to change the economic outlook include labor shortages, possible housing shortages and public deficit challenges,Thornberg said. He added the “potential (and pointless) bank credit crisis that could cause a recession. Thornberg noted that in the next 18 months there will be an “incredibly negative election with extreme partisanship.” He referred to the upcoming campaign as “scary.” Thornberg said that the best presidential appointment of a Federal Reserve chairman was President Jimmy Carter’s choosing Paul Volker in 1979. Volker is credited with stopping inflation. Politicians tend to “chase the narrative, and only a few politicians drive it,” Thornberg said. GLOBALFASTENERNEWS.COM
INTERNATIONAL FASTENERS, INC. THE DISTRIBUTOR’S LINK 57 Tampa . Charlotte . Chicago . Dallas . Los Angeles . Philadelphia TEL 1-888-241-0203 FAX 1-888-241-2096 EMAIL sales@daggerz.com WEB www.daggerz.com IFI ADDS TWO DISTRIBUTION CENTERS TO TOTAL EIGHT NATIONWIDE! International Fasteners, Inc. is pleased to announce the addition of two new distribution centers in Salt Lake City and Houston, which brings the total to eight warehouses in the United States. Inventory is now available to ship from or pick up at Manware, Inc. warehousing in Salt Lake City, Utah. This will help in the distribution efforts in the Rocky Mountains region of the country to better serve the existing customer base and well as help to grow it with shorter lead times and lower prepaid freight options. In addition to stocking Daggerz brand product, Manware, Inc. will also be heading up the sales efforts for the following states of Utah, Colorado, New Mexico, Idaho, Wyoming, and Montana. Meanwhile, International Fasteners, Inc. has also been busy expanding their capabilities in Texas. The Dallas warehouse will remain in place for customers to the north and will call business. The new Houston warehouse will be able to offer more services and shorter lead times within the region. Between both locations in Texas, there will also be more inventory options and less lead times. Fastener offerings include an extensive line of self drill screws, drywall screws, deck screws, wood screws, concrete screws, post frame screws, needle point screws, panel clip screws, specialty aluminum industry screws, bonded washers, bits, and threaded rod. All of the Daggerz brand screws are packaged in color coded cartons for ease of material identification and will be shipped from one of the stocking locations throughout the US including the two new ship points. If you are interested in partnering and growing with a company that will put your interests in quality first, make International Fasteners, Inc. your choice today. BUSINESS FOCUS ARTICLE INTERNATIONAL FASTENERS, INC.
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SUMMER 2023

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