2023 Third Quarter Manufacturers’ Outlook Survey

Manufacturers’ Outlook Survey: Third Quarter 2023

The National Association of Manufacturers Q3 2023 Manufacturers’ Outlook Survey shows manufacturers’ with the lowest level of optimism among NAM members (65.1%) since Q2 2020. The sector continues to confront a tight labor market, unbalanced federal regulations and critical policy debates in Congress. The NAM conducted the survey from August 17 to August 31, 2023.

Key Findings:

• Only 65.1% of respondents felt positive in their company’s outlook, edging down from 67.0% in the second quarter. It was the fourth straight reading below the historical average (74.9%).
• Concern about an unfavorable business climate was the highest in six years (Q2 2017).
• The survey found that 69.1% of small manufacturers, and 63.2% of all respondents, would hire more workers or increase compensation if the regulatory burden decreased.
• More than 70% of manufacturers would purchase more capital equipment if the regulatory burden on manufacturers decreased, with 48.6% increasing compensation, 48.6% hiring more workers, 42.5% expanding their U.S. facilities and 38.4% investing in research.
• The top challenges facing manufacturers include attracting and retaining a quality workforce (72.1%), weaker domestic economy (60.7%), rising health care/insurance costs (60.1%), unfavorable business climate (56.7%), increased raw material costs (45.5%) and supply chain challenges (37.8%).

NAM Manufacturers’ Outlook Survey: Third Quarter 2023

Read full report:

Manufacturers_Outlook_Survey_Write_Up_Q3_Sept2023_Final

Source: NAM 

RELATED CONTENT:

Elevate Your Expo Experience with the IFE Match AI-Powered Scheduling Platform

Manufacturing PMI® at 47.6%; August 2023 Manufacturing ISM® Report On Business®

Fastener News, Manufacturing Association, Press Releases, Reports