Report: Optimism in the manufacturing industry is declining

A new report claims that optimism amongst manufacturers is trending downward. The Sikich Industry Pulse: Manufacturing and Distribution report is based on survey data from over 120 executives and tries to assess how the industry is dealing with an ever-changing landscape. According to the report, factors like a potential recession in 2023, increasing interest rates, and supply chain disruptions were cited as reasons for the industry’s pessimistic outlook. On a scale of one to 10, 49% of the surveyed manufacturers rated their optimism at a seven or higher, down from 58% in June.

According to Jerry Murphy, partner-in-charge of manufacturing and distribution services at Sikich, “While manufacturers are facing obstacles from many directions today, it is a resilient industry and I am confident business leaders can successfully navigate these challenges. A focus on long-term strategies will be paramount to success. By implementing automation, companies can weather economic storms and continued labor shortages.”