Optimism among U.S. manufacturers reaches new high
by September 29, 2018 2:45 pm 300 views
According to the latest Manufacturers’ Outlook Survey conducted by the National Association of Manufacturers, 95.1% of manufacturers registered a positive outlook for their company, the highest level recorded in the survey’s 20-year history. Additionally, expected growth for investments, hiring and wages is reaching historic highs.
With the enactment of tax reform, manufacturers promised to hire more workers, create more jobs and put more money in the pockets of manufacturing workers.
The release of the survey results coincided with the six-month anniversary of tax reform, and follows a May survey that shows manufacturers are increasing wages, hiring, and capital investments in the wake of tax reform. Highlights from the Q2 survey include:
• Optimism among medium-sized manufacturers registered its highest level ever recorded (95.8%) in the 20-year history of the survey;
• All-time highs for projected employment growth and capital spending;
• Projected wage growth registered its fastest pace in 17 years; and
• Projected sales growth kept pace at its second-highest reading in survey history.
“This record optimism is no accident. It is fueled by the game-changing tax reform passed six months ago. Last year, manufacturers promised that we would deliver for our people and our communities if tax reform became law. Congress and the president delivered, and now manufacturers are keeping our promise: hiring new workers, raising wages, improving benefits, buying equipment and expanding right here in the United States. And the best part is, with manufacturers’ record-setting confidence and plans to keep hiring and growing, more good news is yet to come.” NAM President and CEO Jay Timmons said in a statement.
Conducted by NAM Chief Economist Chad Moutray, the Manufacturers’ Outlook Survey has surveyed the association’s membership of 14,000 large and small manufacturers on a quarterly basis for the past 20 years to gain insight into their economic outlook, hiring and investment decisions and business concerns.
The NAM releases the survey results to the public each quarter.