Purchasing and supply executives are optimistic about their revenue prospects in 2023, says EPS News, citing an ISM economic forecast that predicts a 5.5% net increase in overall revenues for 2023.
“Manufacturing’s purchasing and supply executives expect to see overall growth in 2023,” said Tim Fiore, chair of the ISM’s manufacturing business panel. “They are pessimistic about overall business prospects for the first half of 2023, but project growth returning in the second half.”
Manufacturing grew for 29 consecutive months from June 2020 through October 2022 but dipped into contraction in November after declining in five out of the previous six months, he noted. The last time the sector reached contraction territory was May 2020.
Overall, revenue increased for manufacturers in 2022. Sixty percent of ISM respondents said revenue was better than 2021, increasing on average 17.7 percent. Twelve percent said their revenues decreased in 2022 by an average of 11.3 percent, and the remaining 28 percent indicate no change.
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