NAM: Manufacturers’ Optimism Drops, Signaling Need For Tax Reform The NAM’s Q2 Manufacturers’ Outlook Survey shows that manufacturers’ optimism about the future is dropping precipitously. The headline number: Only 55.4 percent of respondents report a positive outlook for their companies—a nearly 15-percentage-point drop from Q1 and the lowest level since the height of the COVID-19 pandemic in Q2 of 2020. Manufacturers do have a prescription for renewed confidence, how- ever, as 85.4 percent of respondents believe Congress should preserve pro-growth tax policies in response to trade uncertainty. Worried about trade: Trade uncertainty remained the top business concern for the second consecutive quarter, cited by 77 percent of re-
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spondents. Almost as alarming is the increase in raw material costs, which was cited by 66.1 percent of respondents. The NAM says: “These numbers are yet another indicator that manu- facturers need increased policy certainty. Congress must act urgently to preserve tax reform and empower manufacturers to make the long-term investments that drive the American economy,” said NAM President and CEO Jay Timmons. “The stakes are high: preserving tax reform will prevent the loss of 6 million jobs and avoid a $1 trillion hit to the economy—that’s why man- ufacturers are calling on the Senate to preserve pro-manufacturing tax policies from the House-passed reconciliation bill, while also taking steps to ensure the final package is maximally beneficial for our industry.” “Pro-manufacturing tax policies are a critical component of a com- prehensive manufacturing strategy; this quarter’s results also show that manufacturers need a strategic approach to trade policy that allows our industry to reduce costs and access the inputs we need to make things in America.” CONTINUED ON PAGE 14
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