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Last updateFri, 09 Dec 2016 7pm

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Manufacturers Expecting Increased Revenues, Employment Growth In 2017

Economic growth in the U.S. will continue in 2017, say the nation’s purchasing and supply management executives in their December 2016 Semiannual Economic Forecast. Expectations are for a continuation of the economic recovery that began in mid-2009, as indicated in the monthly ISM Report on Business. The manufacturing sector is optimistic about growth in 2017, with revenues expected to increase in 16 manufacturing industries, and the non-manufacturing sector indicates that 14 of its industries will see higher revenues. Capital expenditures, a major driver in the U.S. economy, are expected to increase by 0.2% in the manufacturing sector and decrease by 0.2% in the non-manufacturing sector. Manufacturing expects that its employment base will grow by 0.6%, while non-manufacturing expects employment growth of 1.2%.

Expectations for 2017 are positive as 67% of survey respondents expect revenues to be greater in 2017 than in 2016. The panel of purchasing and supply executives expects a 4.6% net increase in overall revenues for 2017, compared to a 0.9% increase reported for 2016 over 2015 revenues. 


Poll: U.S. Economy to Grow 2.2% in 2017

National Association for Business Economics’ (NABE) December 2016 Outlook Survey forecasts 2.2% growth in real GDP for 2017. The annualized growth rate forecasted for 2017 inched downward to 2.2% in the current survey from 2.3% in September. Both projections illustrate the panel’s expectation of accelerating growth in 2017 compared with the median estimate of 1.8% year-to-year growth in 2016 Q4, and a 1.6% annual growth rate for 2016 as a whole. Relatively few panelists (8%) expect the next U.S. business cycle peak will occur before 2018. One-third of panelists forecasts a peak during 2018 with another one-third expecting a peak in 2019. 

U.S. Factory Orders Rose 2.7% in October

New orders for manufactured goods in October, up four consecutive months, increased $12.5 billion or 2.7% to $469.4 billion, the U.S. Department of Commerce reports. This followed a 0.6% September increase.

New orders for manufactured durable goods in October, up four consecutive months, increased $10.6 billion or 4.6% to $238.8 billion, down from the previously published 4.8% increase. This followed a 0.3% September increase. 

ISM: U.S. Manufacturing Expands at Best Pace in Five Months

Manufacturing expanded in November as the Institute for Supply Management’s (ISM) Purchasing Managers Index (PMI) registered 53.2%, an increase of 1.3% from the October reading of 51.9%, indicating growth in manufacturing for the third consecutive month. A reading above 50% indicates that the manufacturing economy is generally expanding. Eleven of the 18 manufacturing industries are reporting growth in November, led by miscellaneous, petroleum & coal products and paper products. 

U.S. Adds 178,000 Jobs, Unemployment Rate at 4.6%

The unemployment rate declined 0.3% to 4.6% in November, and total nonfarm payroll employment increased by 178,000, the Department of Labor reported today. Employment gains occurred in professional and business services and in health care.

Employment in construction continued on its recent upward trend in November (+19,000), with a gain in residential specialty trade contractors (+15,000). Over the past 3 months, construction has added 59,000 jobs, largely in residential construction. Employment in mining and manufacturing changed little over the month. 

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