Washington – The National Association of Manufacturers today released the results of the Manufacturers’ Outlook Survey for the second quarter of 2020 showing that despite a historic drop in optimism, to nearly 34 percent, and challenging business conditions, the vast majority of manufacturers (98.7 percent) have continued or only temporarily halted operations.
The survey also shows that manufacturers are innovating to find solutions to keep businesses running and to protect workers and communities, with almost 22 percent retooling to produce personal protective equipment, 67 percent reengineering processes to reflect COVID-19 safety protocols and 12 percent completely re-evaluating the mission of the firm.
“Manufacturers have led the country through the COVID-19 response, and America is counting on our industry to lead our recovery and renewal,” said NAM President and CEO Jay Timmons. “While these numbers show that we’ve faced difficult circumstances and that there is a challenging road ahead, manufacturers have proven that with our grit, determination and patriotic spirit, we can overcome any challenge facing the nation. And in our ‘American Renewal Action Plan,’ the NAM has shown the way forward.”
As policymakers and regulators debate solutions to help the economy recover from this pandemic, the NAM urges them to focus on the renewal agenda laid out in the “American Renewal Action Plan.” We have been encouraged by actions taken thus far, but there is still greater need for targeted liability reform, tax provisions to ensure investment in manufacturing and measures to reaffirm the U.S. supply chain to protect those businesses that continue to work on the front lines of the COVID-19 response to ensure as swift a recovery as possible.
The Manufacturers’ Outlook Survey has surveyed the association’s membership of 14,000 large and small manufacturers on a quarterly basis since 1997 to gain insight into their economic outlook, hiring and investment decisions and business concerns. The NAM releases the results to the public each quarter. Further information on the survey is available here.