US economic growth forecast to continue through 2013

30 April 2013 18:43  [Source: ICIS news]

WASHINGTON (ICIS)--US economic growth likely will continue through the rest of this year, a key survey and forecast reported on Tuesday, with the nation’s manufacturers expecting nearly 5% revenue growth for full-year 2013 compared with 2012.

In its semi-annual economic forecast, the Institute for Supply Management (ISM) said that manufacturers it surveyed said they expect revenue growth of 4.8% this year, a slight 0.2-point advance from the December 2012 survey.

ISM said that manufacturers also expect to increase capital spending this year by 9.1%, although hiring is forecast to improve by only 0.9%.

“Manufacturers are positioned to grow revenues while containing costs through the remainder of the year,” said Bradley Holcomb, chairman of the ISM survey committee.

He said that survey respondents in 17 of the 18 manufacturing industries tracked by ISM predict better performance this year than in 2012. 

Among the 17 sectors anticipating more growth are chemicals and plastics, ISM said.

“US manufacturing continues to demonstrate its broad-based strength, efficiency and leadership in the world economy,” Holcomb said.

Complete details of the semi-annual survey and economic outlook are available at the ISM website.

Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy

By: Joe Kamalick
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