2016 Mid-Year Manufacturing Report
According to the Report on Business by the Institute for Supply Management (ISM), US manufacturing finished the first half of 2016 in good shape. Concerns over the effect of Brexit have been high, but 58% of those surveyed anticipate it will have an overall negligible financial impact on their business. The July PMI came in at 52.6, a slight drop from June’s 53.2 reading. This indicates that the market is growing, just at a slightly slower rate.
“strong demand in our market has business in an upswing”
In July, 11 of 18 manufacturing industries reported growth including Chemical Products; Food, Beverage and Tobacco; and Fabricated Metal Products. One respondent reported a stronger than expected end to Q2, with another stating “strong demand in our market has business in an upswing.” According to PwC’s July Manufacturing Barometer, company revenue forecasts remain positive. Additionally, more than half of the companies on their panel have plans for new business initiatives over the next 12 months.