ISM: Improvements (CONT’D FROM PAGE 10)
during the first five months of the year, with an overall in- crease of 8.1 percent for 2022. This compares to a report- ed 14.5 percent increase in raw materials prices between the end of 2020 and November of 2021. Employment ISM’s Manufacturing Business Survey Committee mem- bers report that sector employment increased 3.3 percent in 2021 and forecast that employment will increase by one percent, on average, for the full year of 2022. Thirty-six percent of respondents expect employment to be, on av- erage, 10.3 percent higher in 2022, while 24 percent pre- dict employment to be lower by an average of 11.2 percent. The remaining 40 percent of respondents expect their em- ployment levels to be unchanged in 2022. Capital Expenditures Purchasing and supply executives report 2021 capital expenditures increased 12.1 percent on average when compared to 2020 levels. Expenditures for 2021 beat sur- vey respondents’ previous expectations, as they predicted an increase of 8.7 percent for 2021 in May 2021. The 42 percent of purchasers who reported increased capital ex- penditures in 2021 indicated an average increase of 37.8 percent, while the 12 percent who said their capital spend- ing was reduced reported an average decrease of 29.3 percent. Forty-six percent of respondents said their levels of spend were unchanged in 2021.
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