Despite slower growth, manufacturers are still hiring and investing in the future
In September, the Institute for Supply Management (ISM) released its manufacturing index results of 300 manufacturers reporting a contraction of the U.S. manufacturing sector, bringing a 35-month expansion streak to an end. Chief economist at MUFG Union Bank, Chris Rupkey, noted ominously noted: “The manufacturing sector has broken and is now in a recession.”
But is the manufacturing decline being overstated? Here at QuickBooks, we conducted our own survey of over 1067 manufacturing executives and hiring managers. Our results suggest that reports of a manufacturing crisis may be premature.