Manufacturing production will increase 2.2 percent in 2013, a deceleration from the 3.1 percent forecast in June, according to the quarterly Manufacturers Alliance for Productivity and Innovation U.S. Industrial Outlook, a report that analyzes 27 major industries. A pickup is likely in 2014, with growth anticipated to be 3.2 percent. Manufacturing production should outperform GDP growth, which MAPI estimates will be 1.6 percent in 2013 and 2.8 percent in 2014.
The report makes an initial forecast for manufacturing production for 2015, predicting 4.1 percent growth. MAPI’s most recent economic forecast anticipated GDP growing 3.4 percent in 2015. Following a strong pace of production in the first quarter, manufacturing production eased in the second quarter but should accelerate growth.
Inflation-adjusted GDP increased at a 2.5 percent annual rate in the second quarter. Manufacturing declined at a 0.8 percent annual rate, a correction for the exceptionally strong pace of manufacturing production (5.2 percent annual rate) in the first quarter relative to meager growth in the overall economy
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Source: MDM Staff (www.mdm.com)
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