Majority Of Manufacturers Predict Recession Within The Next Year

Majority Of Manufacturers Predict Recession Within The Next Year

The majority of manufacturing leaders predict a recession within the next year due to inflationary pressures, the National Association of Manufacturers revealed on Wednesday.

The group’s Manufacturers’ Outlook Survey for the second quarter of 2022 indicated that executives are concerned about rising price levels. More than 59% said inflationary pressures “make a recession more likely in the next 12 months.” However, 83% remain “largely optimistic” about the outlook for their own companies.

Likewise, more than 90% of respondents identified higher raw material costs as one of the “primary business challenges” in the second quarter.

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“Through multiple crises, manufacturers have proven remarkably resilient, but there’s no mistaking there are darker clouds on the horizon,” NAM President Jay Timmons said in a press release. Among other factors, he pointed to

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