ISM: Growth To Improve (CONT’D FROM PAGE 10)
The Perfect Combo Get Peak Performance From Your Equipment with Matched Component Sets
“Manufacturing’s purchasing and supply executives ex- pect to see overall growth in 2023. They are pessimistic about overall business prospects for the first half of 2023 but project growth returning in the second half,” said Timo- thy R. Fiore, CPSM, C.P.M., Chair of the ISM Manufacturing Business Survey Committee. “According to the ISM Report On Business, manufac- turing grew for 29 consecutive months from June 2020 through October 2022, but dipped into contraction in November after declining in five out of the previous six months. Respondents expect raw materials pricing pres- sure to increase in 2023, but still see H1 2023 profit mar- gins improving over H2 2022. Wages and employment will continue to grow. Manufacturers also predict growth in both exports and imports in 2023.” In the manufacturing sector, respondents report oper- ating at 88.4 percent of normal capacity, up 0.8 percent- age point from the 87.2 percent reported in May 2022. Purchasing and supply executives predict that capital ex- penditures will increase year over year by 2.6 percent in 2023, compared to the 12 percent increase reported for 2022 compared to 2021. Manufacturers expect employment to grow by 3.9 per- cent in 2023 relative to December 2022 levels, while la- bor and benefit costs are expected to increase an average of 5.8 percent. Respondents also expect the U.S. dollar to strengthen against the currencies of seven major trading partners in 2023. The panel predicts that prices paid for raw materials will increase 2.5 percent during the first five months of the year, with an overall increase of 2 percent for 2023. This compares to a reported 11.4 percent increase in raw mate- rials prices between the end of 2021 and 2022. Manufacturing purchasing and supply executives report their companies are currently operating at 88.4 percent of normal capacity. This is a 1.2 percent increase when com- pared to May 2022 (87.2 percent) and a decrease when compared to December 2021 (88.7 percent). Paper prod- ucts rank third among the eight industries operating at or above the average rate of 88.4 percent. Production capacity in manufacturing increased 6.7 percent in 2022, as 49 percent of purchasing and supply executives reported an average capacity increase of 15.4 percent, seven percent reported an average decrease of 12.4 percent, and 44 percent reported no change. This compares to a May 2022 predicted increase in production capacity of 5.8 percent for 2022. Expectations for 2023 are for an increase of 5.3 percent. Paper products ranks fifth in the 15 industries expecting an increase in production capacity in 2023. The principal means of achieving increases in pro- duction capacity in 2022 were (in order of importance) additional personnel, more hours worked with existing personnel, additional plant and/or equipment, and fewer shutdowns.
Nothing’s more rewarding than a couple made for each other. That’s why the engineers at ARC International have focused their skills and talents on
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The ARChitects of exo
ARCInternational.com 800-526-4569
12 January 9, 2023
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