Manufacturers’ Survey (Cont’d from Page 6)
reading since the first quarter of 2009. In this report, respondents see full-time employment growing 0.7 percent over the coming months—still weak, but an improvement. In terms of trends, the percentage antic- ipating more employment rose from 14.5 percent in the second quarter to 37.9 percent in the third quarter, with those predicting declined hiring dropping from 46.9 percent to 15.9 percent. By firm size, small, medi- um and large manufacturers see full-time employment increasing 0.5 percent, 0.7 percent and 0.9 percent, respectively. • Employee Wages: Respondents anticipate employ- ee wages (excluding nonwage compensation, such as benefits) to rise 1.4 percent over the next 12 months, up from 0.5 percent in the previous survey,which was the slowest pace since the second quarter of 2009. Twenty percent see wages rising 3 percent or more, with 48.6 percent predicting an increase of up to 3 percent. • Capital Investments: Respondents expect capital spending to rise 0.7 percent over the next 12 months, a significant shift from the predicted decline of 2.5 per- cent in the previous survey,which was the worst since the Great Recession.Thirty-seven percent of manufac- turers anticipate additional capital spending in the next year, with 41.1 percent expecting no change and 21.9 percent forecasting reduced capital expenditures. By firm size, small, medium and large manufacturers see capital spending increasing 0.3 percent, 0.7 per- cent and 0.9 percent, respectively. • Exports: Respondents expect exports to increase 0.4 percent over the next 12 months, up from a pre- dicted decrease of 1.4 percent over the next 12 months in the previous survey, which registered the lowest reading since the question was added in the second quarter of 2011. More than 27 percent antici- pate higher exports over the next year, with 55.3 per- cent seeing no changes. • Product Prices: Respondents expect product pric- es to increase 1.3 percent over the next 12 months, rebounding after being predicted to edge down 0.1 percent in the prior survey.This suggests that pricing power has stabilized somewhat after experiencing de- flationary pressures in the spring. Just more than 46 percent anticipate increased product prices over the coming year, with 44.7 percent seeing no changes. • Raw Material Prices: Manufacturers anticipate raw material prices and other input costs rising 2.2 per- cent over the next 12 months, up from 0.9 percent in the previous release.That had been the lowest rate since the question was added in June 2018. More than 61 percent of respondents cited higher raw material
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