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.”