Breaking News

Manufacturing Growth Predicted for 2003

December 10, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
NEW YORK (AP) - Forecasters at the Institute of Supply Management expect to see a broad strengthening in U.S. economic activity next year.

The manufacturing and non-manufacturing sectors should grow 5.4 percent and 5.7 percent, respectively, the group said Tuesday. The optimistic outlook for manufacturing comes despite recent sluggishness in that sector.

"At present the sector continues to struggle as manufacturing is in its third consecutive month of decline," said Norbert Ore, chairman of the ISM manufacturing survey committee.

However, "manufacturing seemingly has sufficient momentum to avoid a major downturn," he said.

The group expects to see capital spending for manufacturers to grow by 4.6 percent in 2003 and capacity utilization to stand at 79.2 percent for the year.

The group's forecasters expect non-manufacturing capital spending to decline by 0.4 percent and non-manufacturing capacity utilization to stand at 83.9 percent in 2003.

On the employment front, the group expects to see manufacturing jobs decline by 0.6 percent in 2003 and non-manufacturing jobs to increase by 0.2 percent in 2003.

Among the top worries for both manufacturing and non-manufacturing businesses going into 2003 are continued weakness in the economy, pressures on labor and benefit costs and energy costs. Manufacturers also see terrorism, war and material shortages as threats to their businesses. Still, non-manufacturing businesses also note concern about inflation.

ISM forecasters expect the U.S. dollar to outperform all other major world currencies in 2003. Currencies expected to perform best versus the dollar include the euro, the Taiwan dollar and the British pound.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2013 Experience Convention & Trade Show

A look back in photos at the 2013 Experience Convention & Trade Show in Las Vegas.

THE MAGAZINE

ICS Cleaning Specialist Magazine

cover_image

2014 April

Take a look at the April 2014 issue with features on air movers, going green, carpet cleaning and new products & technologies.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo