Credit crunch, machinist strike hurts local rivet maker

Allfast Fastening Systems Inc. is typically always busy.

The Industry-based company makes the riviets that are used to hold most commercial and military aircraft together. So as you might imagine, things are usually hopping.

But company founder and President Jim Randall said things have slowed considerably for two reasons - a strike by Boeing's machinists' union and tightened credit markets.

"Before the strike, things had already leveled out," Randall said. "And with uncertainty in the credit markets, we don't know how revenues will be in the fourth quarter. Fifty-five percent of air travelers are from banks or other financial institutions. But with things slowing down ... people aren't flying."

Tight credit is also taking a toll on manufacturing and jobs. Unemployment lines were deeper than expected last week and orders to U.S. factories plunged by the largest amount in two years, according to government data released Thursday.

California has already suffered the loss of thousands of manufacturing jobs over the past several years.

These new trends don't bode well for the future.