The National Association of Manufacturers released its third-quarter 2024 Manufacturers’ Outlook Survey, which highlights uncertainty across several challenges and shows a drop in manufacturing sentiment in the third quarter.
Key findings
- Some 62.9% of respondents reported feeling either somewhat or very positive about their business’s outlook, a decline from 71.9% in Q2.
- A weaker domestic economy was the top business challenge for those surveyed, with 68.4% of respondents citing it.
- Nearly nine out of 10 manufacturers surveyed agreed that Congress should act before the end of 2025 to prevent scheduled tax increases on manufacturers.
- The overwhelming majority—92.3%—said the corporate tax rate should remain at or below 21%, with more than 71% saying a higher rate would have a negative impact on their businesses.
- More than 72% said they support congressional action to lower health care costs through the reform of pharmacy benefit managers.
NAM's response to the data
Results of the survey reflect “pre-election uncertainty” but also larger economic concerns, according to NAM President and CEO Jay Timmons. “The good news is that there is something we can do about it,” says Timmons. “We will work with lawmakers from both parties to halt the looming tax increases in 2025, address the risk of higher tariffs, restore balance to regulations, achieve permitting and energy security, and ease labor shortages and supply chain disruptions.”
“When policymakers take action to create a more competitive business climate for manufacturers, we can sustain America’s manufacturing resurgence—and strengthen our can-do spirit,” Timmons says. “This administration and Congress—and the next administration and Congress—should take this to heart, put aside politics, personality and process and focus on the right policies to strengthen the foundation of the American economy.”
