Industrial manufacturers more optimistic
Industrial manufacturers are increasingly optimistic in their 2014 outlook, according to a survey from PricewaterhouseCoopers.
According to the 2013 fourth-quarter survey by PwC, called the Manufacturing Barometer, manufacturers’ optimism about the U.S. economy over the next 12 months rose to 68 percent in the fourth quarter, up from 60 percent in the previous quarter, its highest level since the fourth quarter of 2010. In addition, 20 percent more of those surveyed are optimistic about the domestic economy than in the fourth quarter of 2012.
"Optimism regarding the U.S. economy continued to increase in the fourth quarter, while views of the worldwide economy, although improving, remain divided given continuing levels of uncertainty,” said Bobby Bono, U.S. industrial manufacturing leader at PwC.
The survey was conducted through interviews with 60 senior executives of large, multinational U.S. industrial manufacturing companies.
Bono said indices show executives are generally more positive about the economic environments they’re in, but aren’t seeing enough improvement financially to make large investments in their businesses.
"As we continue to see the global macroeconomic environment improve, we expect U.S. industrial manufacturing executives, bolstered by strong balance sheets, to more aggressively compete for businesses in international markets and increase capital expenditures," Bono said.
The Manufacturing Barometer showed 46 percent of executives who market abroad were optimistic about the world economy. That was an improvement over 40 percent in the third quarter and 32 percent in the last quarter of 2012. But an equal 46 percent said they remain uncertain while 7 percent are pessimistic.
International revenue for the fourth quarter reflected increased confidence as 29 percent of respondents said they saw higher international sales, up from 18 percent in the third quarter.
Overall, 85 percent of those surveyed expect more revenue for their companies this year, with 13 percent expecting double-digit gains. Just 3 percent said they expect less revenue.
The most-cited barriers to growth over the next 12 months were legislation and regulatory pressures, and concern about the lack of demand. Although lack of demand rates high on the list of U.S. manufacturers’ worries, it’s down 10 percent from a year ago, when it was considered the biggest hindrance.
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