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MANUFACTURING FORECAST TO EXPAND FOR REST OF 2022

May 24, 2022
By Bill Koenig Senior Editor, SME Media

The manufacturing economy is forecast to keep expanding for the rest of 2022,
the Institute for Supply Management said today.

The Tempe, Ariz.-based group’s forecast is based on a survey of purchasing and
supply executives in 18 industries. The group performs the economic survey twice
a year. ISM also produces a monthly manufacturing index by surveying executives
in the same industries..

“Panelists forecast that recovery will continue the rest of the year,” Timothy
R. Fiore, chair of ISM’s Manufacturing Business Survey Committee, said in a
statement.

According to the institute, manufacturing revenue for 2022 is expected to
increase on average by 9.2 percent. That is 2.7 percentage points higher than a
December 2021 forecast of 6.5 percent.

Sixteen of the 18 industries surveyed said they anticipate revenue increases
including petroleum & coal products, fabricated metal products, transportation
equipment, miscellaneous manufacturing, and machinery.

Respondents also expect their companies to operate at an average of 87.2 percent
of capacity. That is 1.5 percentage points lower than in December 2021.

Executives surveyed said production capacity will rise an average of 5.8 percent
this year. In December, respondents projected an average increase of 6.8
percent. Fifteen industries said they anticipated capacity increases.

Those surveyed also expected a 7.4 percent boost in capital spending this year.
That’s down from 7.7 percent in December. Twelve of 18 industries anticipated an
increase in capital spending.

Respondents expect manufacturing employment to rise 3.2 percent for the year.
Thirteen industries said they anticipate employment gains.

In recent months, ISM’s manufacturing index, known as the PMI, has indicated
manufacturing is slowing but still running at relatively strong levels. Today’s
forecast comes amid general economic concern over rising interest rates and
inflation.

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   MANUFACTURING EXPANSION SLIPS IN JANUARY
   
   Manufacturing expansion eased in January paced by new orders and production,
   the Institute for Supply Management said today.The Tempe, Ariz.-based group’s
   manufacturing index, known as the PMI, reached 57.6 percent last month, a dip
   from 58.8 percent in December. January was the third consecutive month where
   the PMI dropped.
   
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   MANUFACTURING EXPANSION IMPROVES IN FEBRUARY
   
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   By Bill Koenig
    

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CLEVELAND OFFICE (TOOLING U-SME)

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888.322.7333


SME-RELATED WEBSITES

SME Education Foundation SME Media SME Connect Tooling U-SME Store

SME EVENT WEBSITES

AeroDef Manufacturing Canadian Manufacturing Technology Show (CMTS) EASTEC
FABTECH FABTECH Canada FABTECH Mexico HOUSTEX Montreal Manufacturing Technology
Show (MMTS) North American Manufacturing Research Conference (NAMRC) RAPID + TCT
Smart Manufacturing Experience SOUTHTEC WESTEC Western Manufacturing Technology
Show (WMTS)
© 2022 SME. All rights reserved.
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