As was the case in its previous edition in December, the manufacturing and services sectors remain on diverging paths, to a certain extent, in May. One common theme the sectors share, according to the Institute for Supply Management’s (ISM) May 2024 Semiannual Economic Forecast, which was issued today, is that growth is expected over the balance of the year, albeit at reduced rates.
Data for this report is based on feedback from U.S.-based purchasing and supply chain executives in manufacturing and non-manufacturing sectors.
For manufacturing, ISM is estimating revenues to see a 2.1% increase in 2024, a 3.5% decrease from the December forecast, with 44% of the report’s respondents expecting revenues to rise 8.6%, on average, annually. And 14% expect revenues to fall 12.3%, on average, with 42% expecting revenues to be flat. ISM also noted that 12 of the 18 manufacturing it tracks are calling for revenue improvement in 2024, including: Apparel, Leather & Allied Products; Food, Beverage & Tobacco Products; Transportation Equipment; Computer & Electronic Products; Chemical Products; Nonmetallic Mineral Products; Primary Metals; Textile Mills; Furniture & Related Products; Fabricated Metal Products; Electrical Equipment, Appliances & Components; and Paper Products.
Please click here to read the complete article.
SC
MR
More Inventory Management
- Inventory Management and the Supply Chain: Outlook 2025
- Parcel shipping spend: The untamed holdout in today’s supply chains
- NextGen Supply Chain Conference set for October 21-23
- What is the future of procurement?
- 6 Questions With … Autumn Bayles
- Estée Lauder, Schneider Electric and S&S Activewear to receive NextGen End User awards
- More Inventory Management
Latest Podcast
Explore
Procurement & Sourcing News
- Three frameworks for creative problem-solving in supply chain
- Mitigating geopolitical uncertainty: 4 essential tactics for industrial CSCOs
- Supply chain strategy for medical devices: A Q&A with industry expert Sanjay Gupta
- Inventory Management and the Supply Chain: Outlook 2025
- How technological innovation is paving the way for a carbon-free future in logistics and supply chains
- Parcel shipping spend: The untamed holdout in today’s supply chains
- More Procurement & Sourcing