NAM Survey: Uncertainties Continue to Drive Concern
The National Association of Manufacturers released the results of the Manufacturers’ Out-look Survey for the third quarter of 2019. For the second consecutive quarter, the survey shows a significant drop in manufacturers’ optimism amid uncertainties, a softening global economy and worsening workforce shortage. Nearly 68% of manufacturers had a positive outlook for their business in the third quarter, down from 79.8% in the second quarter and 89.5 percent in the first quarter. The inability to attract and retain a quality workforce remained manufacturers’ top business concern (69.9 percent) for the seventh straight quarter.
“Manufacturers across the country are telling us nothing concerns them more than the workforce crisis. And that’s exactly why the NAM took the historic step earlier this year of launching the Creators Wanted Fund, a multimillion-dollar campaign to close the skills gap and inspire a new generation of modern manufacturing workers,” said NAM President and CEO Jay Timmons. “This quarter’s survey also provides more evidence that a slowing global economy and uncertainties have manufacturers on edge. If we get the United States–Mexico–Canada Agreement passed, the trade war with China turned into a trade agreement and the Export-Import Bank reauthorized, manufacturers will be able to hire even more workers and grow our operations with more certainty.”