- Report based on survey of small – to mid-sized US manufacturers have found that 44% of companies plan to begin hiring workers again as soon as next year if the economy rebounds as expected.
- RSM McGladrey reported that manufacturing sector has lost 1.6 million jobs since recession began.
- Based on 923 manufacturers:
- 40% said businesses were still declining, 19 months after the current recession began, up from 12% last year.
- 9% characterized their current business as "'thriving & growing” down from 38% last year and 50% from 2007.
- 62% said they were preparing or sales declines domestically.
- Thus, 52% said they planned to cut jobs in 2009, up from 26% last year.
- 44% expect the economy to rebound next year
"Not all of manufacturing is in terrible shape," said Tom Murphy, the lead author of the RSM McGladrey report. "There are segments that are doing well." – Tom Murphy (McGladrey Report)
- Executives though at companies that make medical devices and food and beverages were far more upbeat than those in the transportation equipment, building materials and metal fabrication sectors.
- Companies with international footprints and sales are doing better, on average, than those confined to the domestic market.
Source: CNBC
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