Tariffs weighing on manufacturers' optimism, new survey shows.
That's one of the findings of a quarterly survey by the National Association of Manufacturers, or NAM, released last week. Fifty-six percent of the 689 manufacturing companies questioned in the survey cited trade issues including tariffs on imports from Mexico and China as one of their greatest challenges. Just over 31% said the economy was one of their greatest challenges.
The NAM's Manufacturing Outlook Index fell to 53.2 from 59.7. The NAM conducted the survey between May 22 and June 5; during that time President Donald Trump threatened to slap new tariffs on imports from Mexico unless the country took steps to stop the flow of Central American migrants to the U.S. border.
The NAM reported lowered expectations for sales growth. The survey participants forecast their sales would rise 3.4% over the next 12 months, down from the forecast of 4.4% made in March. That in turn was a likely contributor to manufacturers reporting they expect to hire fewer people; the expected growth rate for full-time employment over the next 12 months was 1.6%, down from 2.1% in the March survey.
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