Almost six in ten American manufacturers believe ongoing inflation will lead to a recession in the United States, a new survey from the National Association of Manufacturers (NAM) finds.
Inflation under President Joe Biden soared to 8.6 percent last month — the highest in 41 years — and American manufacturers are expressing a gloomy outlook over the next year for the United States economy.
In the latest NAM survey, more than 59 percent of American manufacturers said they believe inflation is likely to spur a recession in the United States. About 52 percent said they do not believe the Federal Reserve will be able to avert a recession.
Likewise, American manufacturers expect raw material costs to rise 6.9 percent and prices for