ISM Semiannual Economic Forecast: Expectations Weaken
May 10, 2009
Manufacturing purchasing and supply executives expect the economic decline in the U.S. to continue through the remainder of 2009, according to the latest semiannual forecast issued by the Business Survey Committee of the Institute for Supply Management.
While 15 percent of respondents predict revenues to be 13.7 percent greater in 2009 than in 2008, an overall revenue decrease of 14.7 percent is expected for manufacturing as 67 percent expect a 25.2 percent decline, and 18 percent expect no change. This represents a significant decline in expectations from December 2008 when the panel of supply management executives predicted a 1.1 percent decrease in 2009 revenues compared to 2008.