Manufacturers: Lack of Action Leads to Inadequate Growth
Pro-Growth Policies Needed for a Stronger Economy and Job Creation
National Association of Manufacturers (NAM) Chief Economist Chad Moutray released the following statement on the lower-than-expected first-quarter GDP report:
“The economy inched along at a slower rate than expected in the first quarter as businesses continue to face headwinds that are increasing uncertainty. Business investment—one of the strengths in the last report—clearly slowed this time around, indicating that some firms remain anxious about the economy. Businesses continue to face an uncertain future, both domestically and globally. In the past two weeks, we have seen disappointing durable goods and regional Federal Reserve Board reports, indicating that manufacturing activity remains weak relative to the larger economy.
Right now, the implementation of mandatory federal budget cuts and higher taxes are clearly having an impact. We need to get back to a position where the manufacturing sector is once again making significant contributions to output and employment. This means that we need higher GDP growth to get back on track. Washington must act on pro-growth policies, and we need to see growth of 3.5 percent and higher to put the economy on a firmer footing and to ensure that businesses can create jobs and expand.”
The NAM has released A Growth Agenda: Four Goals for a Manufacturing Resurgence in America, which sets a roadmap for economic growth and enhanced competitiveness for manufacturers. This plan is a benchmark for policymakers and a proven, achievable list of goals that will get the U.S. economy moving again.