Nearly two-thirds of manufacturers are preparing their businesses for a possible recession, but just 27% of firms expect one to occur in the next 12 months, according to a survey by Chicago-based advisory firm Sikich LLP.
Among the 63% of companies taking steps to prepare for a downturn, the most common actions included increasing production efficiency, increasing the ability to quickly scale operations up or down and exploring new geographic markets.
While the survey found just 27% of respondents said a recession is extremely or very likely in the next 12 months, there was a significant gap in the outlook between small and large firms. Just 21% of those with less than $500 million in annual revenue expect a recession while 49% of those above that threshold expect a downturn.
Read the full story, "Nearly two-thirds of manufacturers prepping for recession," at biztimes.com.