Fiscal Cliff Taking Its Toll on Manufacturers
ISM Report Shows Fiscal Cliff’s Negative Impact on Growth
National Association of Manufacturers (NAM) Chief Economist Chad Moutray released the following statement on the disappointing November manufacturing report from the Institute for Supply Management (ISM):
“The fall in November’s ISM index is a clear indication of the negative impact that the looming fiscal cliff is already having on our economy. Manufacturers are reducing their workforce as evidenced by the survey’s employment index, which contracted for the first time in three years. Clearly, businesses have put plans to expand and hire on hold until there is more certainty regarding the fiscal cliff.
Manufacturers remain extremely nervous about the direction of the economy. Without a resolution to the fiscal cliff, the economy will remain weak and stagnant. To create jobs and get our economy moving forward, leaders in Washington must resolve this major concern for businesses or risk seeing continued contraction and job losses.”