What is the current state of US manufacturing right now and for the rest of 2024?
Overall, US manufacturing is on the back side of the business cycle. Looking at the different sectors, the majority are either in Phase C, Slowing Growth, or Phase D, Recession.
Our expectation for the rest of this year is sluggishness. The downturn will be relatively mild due to onshoring and government subsidies into certain parts of manufacturing. Think of the CHIPS and Science Act and the high-tech sector for manufacturing production. Chips, communications equipment, computers – those are getting a boost. That will help mitigate the overall US manufacturing decline. I would characterize it more as generally flat with a downward bias.
When you prepare for downturns, if you have those strategic Management Objectives and know when to implement them, it is a lot easier to lead with confidence through such tougher periods.
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