ISM says economy to strengthen in 2003
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Manufacturing News, Source : TheManufacturer.com
Published : 11 Dec 2002 22:50
There is reason to believe economic growth in the US will strengthen in the manufacturing and non-manufacturing sectors during 2003, according to the Institute for Supply Management’s 64th Semiannual Economic Forecast.
Of the purchasing and supply executives surveyed, 70% expect revenues to be greater in 2003 than in 2002, and they expect a 5.4% net increase in overall revenues versus the 1.1% increase in 2002.
“Manufacturing purchasing and supply executives are more optimistic about their organizations’ proposals for the first half of 2003 and predict additional growth during the second half of 2003,” said Norbert Ore, chair of the ISM Manufacturing Business Survey Committee.
Respondents report operating at 79.2% of their normal capacity, and they expect capital expenditures will increase 4.6% in 2003, compared with the 6% decrease in December 2002.
“At present, the sector continues to struggle as manufacturing is in its third consecutive month of decline, as reported in the monthly ISM Report on Business. Manufacturing seemingly has sufficient momentum to avoid a major downturn based on our recent monthly reports in which the sector has essentially moved sideways for five months. This forecast should be received as a source of optimism going into the new year,” Ore said.
A number of industries are expected to strengthen considerably in 2003, among them: electronic components, chemicals, wood, transportation, instruments and photographic equipment, apparel, fabricated metals, and food.
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