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.