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Economic Growth To Continue Through 2021
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Manufacturing is Expected to Expand in 2021; Revenue to Increase 7.2%; Capital Expenditures to Increase 8.7%; Capacity Utilization Currently at 88.3%; Services is Expected to Expand in 2021; Revenue to Increase 5.4%; Capital Expenditures to Increase 5.7%; Capacity Utilization Currently at 89.4%
TEMPE, Ariz., May 18, 2021 /PRNewswire/
The economic recovery in the U.S. will continue for the rest of 2021, say the nation s purchasing and supply executives in the
Spring 2021 Semiannual Economic Forecast. Expectations for the remainder for 2021 have strengthened somewhat, compared to December 2020, as there is hope that the corner has been turned on the coronavirus (COVID-19) pandemic; both manufacturing and services sectors are signaling expansion.
Manufacturing, competing with distribution, struggles to attract labor
A recent survey found that manufacturers are having trouble filling 46% of open positions due to a mismatch in skills. Published May 11, 2021 Drew Angerer via Getty Images
Hiring has been an issue for manufacturers in the U.S. for years now. When Deloitte last looked at the issue in 2018, low unemployment was underscored as being part of the problem. But a new report on hiring in manufacturing found the issue persisted in 2020, a time of high unemployment during the pandemic. Fast forward three years and, amid a global pandemic and the first US recession in more than a decade, it would appear the same headline stands, Deloitte wrote in its most recent report on the skills gap in manufacturing.
®.
The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management
® (ISM
®) Services Business Survey Committee: The Services PMI
® registered 62.7 percent, which is 1 percentage point lower than last month s all-time high of 63.7 percent. The April reading indicates the 11th straight month of growth for the services sector, which has expanded for all but two of the last 135 months. The Supplier Deliveries Index registered 66.1 percent, up 5.1 percentage points from March s reading of 61 percent. (Supplier Deliveries is the only ISM
®
Report On Business
® index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.) The Prices Index figure of 76.8 percent is 2.8 percentage points higher than the March reading of 74 percent, indicating that prices increased in April, and at a faster rate. This is the index s highest readi
Provided by Dow Jones By Xavier Fontdegloria U.S. manufacturing activity continued to expand solidly in April amid strong demand although supply chain constrains remain a significant challenge for many producers, data from a survey compiled by the Institute for Supply Management showed Monday. The ISM Manufacturing Report on Business PMI came in at 60.7 in April, down from 64.7 in March. The reading missed expectations from economists polled by The Wall Street Journal, who forecast the index to increase to 65.0. The PMI data for April signal that factory activity across the U.S. expanded strongly in the month, with four of the five subindexes that form the headline index in growth territory.