Survey results show threat of recession weighs heavy on manufacturers

Jan. 9, 2023

62% of manufacturing executives believe a recession is on the horizon in 2023, according to a new survey from the National Association of Manufacturers (NAM). The results from the Manufacturers’ Outlook Survey, which surveyed manufacturing leaders from November 29 to December 13, 2022, illustrate the many challenges facing the industry. Despite issues caused by inflation and unreliable supply chains, a lack of skilled workers was the top concern for survey respondents. The survey also found a decline in manufacturers’ confidence.

In a recent quote, NAM President and CEO Jay Timmons said, “Congress failed to act on essential tax reforms, which complicates investment, increases inflationary pressures and could stifle economic growth. Much needed permitting reforms and provisions to strengthen our ability to conduct research and development, buy machinery and finance job-creating investments—which we need to promote growth within the sector—were left on the cutting room floor last year. Those reforms, combined with manufacturers’ ongoing efforts to inspire, educate and empower the future workforce, are critical to our competitiveness.”

Sponsored Recommendations

Arc Flash Prevention: What You Need to Know

March 28, 2024
Download to learn: how an arc flash forms and common causes, safety recommendations to help prevent arc flash exposure (including the use of lockout tagout and energy isolating...

Reduce engineering time by 50%

March 28, 2024
Learn how smart value chain applications are made possible by moving from manually-intensive CAD-based drafting packages to modern CAE software.

Filter Monitoring with Rittal's Blue e Air Conditioner

March 28, 2024
Steve Sullivan, Training Supervisor for Rittal North America, provides an overview of the filter monitoring capabilities of the Blue e line of industrial air conditioners.

Limitations of MERV Ratings for Dust Collector Filters

Feb. 23, 2024
It can be complicated and confusing to select the safest and most efficient dust collector filters for your facility. For the HVAC industry, MERV ratings are king. But MERV ratings...