Manufacturers are the least optimistic they’ve been about the economy and their businesses since 2020, according to the NAM’s Q3 2023 Manufacturers’ Outlook Survey, released yesterday.
Notable: Here are some of the key findings from the latest survey, which was conducted last month:
- Just 65.1% of manufacturers feel positive about their company’s future, a decline from the previous quarter (67.0%).
- Some 69.1% of small manufacturers and 63.2% of all respondents would increase hiring or employee compensation if their regulatory burdens decreased.
- More than 70% of manufacturers would buy additional capital equipment if those same burdens were lightened.
- The top challenges facing manufacturers—whose concern about an unfavorable business climate was at its highest since 2017 in this survey—are retaining a high-quality workforce (72.1%), a weakened domestic economy (60.7%), rising health care/insurance costs (45.5%) and supply chain issues (37.8%).
The NAM says: “[T]his survey makes clear that unbalanced federal regulations are harming families and communities,” said NAM President and CEO Jay Timmons.
- “Congress and the administration can help correct this trend by restoring sensible regulations, enacting further permitting reforms, taking action to keep our tax code competitive … and [moving to] build on the progress we achieved with tax reform, the Bipartisan Infrastructure Law, the CHIPS and Science Act and more.”