NEW YORK-U.S.-based industrial manufacturers are considerably less optimistic about the global and domestic economies, according to PricewaterhouseCoopers' most recent Manufacturing Barometer survey. Just 46% of respondents, compared to 70% in the first quarter, are optimistic about the world economy and only 54%, compared to 71% in the first quarter, are optimistic about the U.S. economy. The leading source of this uncertainty is concern over oil and energy prices.
"Higher oil prices continue to impact manufacturers' 12-month forecast," says Jorge Milo, U.S. leader of PricewaterhouseCoopers' industrial manufacturing practice. "The reduced economic optimism of senior executives is reflected in lower revenue growth estimates and hiring rates."