This week, the 28th International Manufacturing Technology Show is featuring 1,100 companies in 1.2 million square feet of exhibition space in Chicago. Here is IMT’s latest update from the show. Check back soon: we’ll be bringing you highlights throughout the week.

Today is IMT’s second day of blogging from the International Manufacturing Technology Show (IMTS), one of the largest industrial trade shows in the world. Same as yesterday, I will be posting updates throughout the day. So be sure to check back regularly.

UPDATE 1:
Among the lighthearted camaraderie between industry peers and a line-up of entertaining exhibits — such as Motoman‘s DexterBot demonstration, featuring robots playing blackjack with anyone who comes to the booth — lies a serious issue that seems to be a common concern among industry professionals at the show this year: a declining workforce.

As Patrick W. McGibbon discussed with me yesterday, the statistics reveal a staggering decline in manufacturing jobs at a time when industries need employees most. Specifically, there are 227,000 unfilled manufacturing positions, a figure offered by Society of Manufacturing Engineers President Barbara M. Fossum at a press conference earlier today. Proof that professionals are paying attention to demand, SME announced that it will acquire Tooling University LLC (ToolingU), which brands itself a “leading online training provider focused on the unique needs of manufacturers.”

According to Jeannine Kunz, the director of marketing and professional development at SME, “Online training programs provide the blended options for employees in the workforce to meet the challenges of today.” The program will offer 400 classes and will be incorporating a simulator system by the end of the month. As a ToolingU representative told me, the system will work with educational facilities to conduct online training.

Another theme this year: smart technology. As Kevin Bevan, the president of machine technology firm GBI Cincinnati, urged in his seminar “Information Age of Manufacturing,” it is essential to remain open to new ideas and to avoid being the last company to pick up on new trends. He says many issues stem from companies that rely on past methods, specifically old data, as opposed to integrating processes with real-time technology.

Check back here for more IMTS news later today.

UPDATE 2:
With the advent of so much advanced technology since the previous IMTS convention in 2008, it’s hard to believe there is such a shortage of manufacturing talent in the industrial sector today. Yet that was the general consensus around the show floor when I asked a variety of marketing managers, machinists and presidents of large-scale companies represented here.

Meanwhile, among the new product upgrades featured at the show are cutter tools that create aerospace parts with perfect surface finishing and devices for creating smaller medical parts. Tool compatibility with a wider range of materials, like cobalt, is what presenters are most excited about at many of the exhibits I’ve visited today.

However, some representatives claim a significant percentage of clients need to be trained in technology usage, particularly in the United States, according to Jeffrey A. Bougher, the president and CFO of ultra-precision machining company M4 Sciences.

Readers: Why do you think a shortage of talent and technological knowledge has become such a major issue? Let us know in the comments section below.

UPDATE 3:
During a seminar called “U.S. Government Actions and Policies on Top Manufacturing Issues,” Harry Moser, president of the International Special Tooling & Machining Association (ISTMA), Americas region, addressed key issues within the manufacturing industry and graded bills and policies while providing his own suggestions on what needs to be done to keep the U.S. ahead in global manufacturing.

While Moser touched on several crucial points, like the need for increased re-shoring, one issue that prompted an audience member to comment (skeptically) at the end of the session was trade and competitiveness. According to Moser, many U.S. businesses are too focused on competing amongst each other and less focused on competing on an international level. For instance, creating more retail stores only generates more competition between companies while infusing the market with excess goods. The aim, says Moser, should be on strengthening our businesses’ competitiveness outside the U.S.

Earlier IMTS 2010 coverage: IMTS 2010 from the Floor: Tuesday