Washington, D.C. – The National Association of Manufacturers has released its third quarter Manufacturers’ Outlook Survey, which shows strong use of liquidity programs like the Paycheck Protection Program and Main Street Lending Program.
Of the 82.7% of respondents who say COVID-19 had or will have a negative impact on their cash flow, 72.1% noted they had obtained funds through the Paycheck Protection Program, Main Street Lending Program or other liquidity programs—especially small manufacturers. More importantly, of those firms taking advantage of such programs, 91.6% reported that those funds helped keep their business afloat, retain their workforce or meet other necessary expenses. Knowing how critical this was for the industry, the NAM called for these programs and subsequent expansions in its “COVID-19 Policy Action Plan Recommendations” and “American Renewal Action Plan.”
Manufacturing optimism has also rebounded to 66% since the second quarter of 2020, when it had the worst reading since the Great Recession. Still, the outlook remains below the historical average of 74.4%, and 62% of manufacturers expect their firm’s revenues will not get back to pre-COVID-19 levels until 2021 or later.
“Congress and the administration have acted on more than five dozen of the policy provisions that the NAM made in our ‘American Renewal Action Plan’ and other recommendations,” said NAM President and CEO Jay Timmons. “Without the bipartisan relief legislation signed into law earlier this year, this rise in optimism would not have been possible. But for our industry to truly recover and to keep our economy growing, further bipartisan congressional action is needed.”
Read the full survey results here.
Background: In March, the NAM released its “COVID-19 Policy Action Plan Recommendations,” which guided earlier relief legislation. In April, the NAM released its “American Renewal Action Plan,” and Congress and the administration have acted on many of its provisions. To date, 60 provisions from the NAM’s plans have been adopted.
The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.1 million men and women, contributes $2.36 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.
Manufacturing businesses have long been proponents of equality in the workplace. As legislation to codify protections for LGBT individuals passes through the House of Representatives, the National Association of Manufacturers joined the U.S. Chamber of Commerce, Business Roundtable, and other members of the business community in advocating its passage, forging coalitions and providing congressional testimony.
Introduced with bipartisan support in the U.S. House and Senate in March, the Equality Act includes federal protections for individuals based on sexual orientation and gender identity under the existing framework of the Civil Rights Act, which already provides protection against discrimination on the basis of religion, national origin, race, color or sex. The goal of the legislation is to ensure that no person can face legal discrimination based on their gender or sexual orientation, setting a clear federal standard to enable individuals to succeed based on their abilities and qualifications to perform a job.
“Employers understand the importance of creating an environment in which the very best people can succeed based on merit,” Patrick Hedren, NAM vice president, labor, legal and regulatory policy, said. “At the same time, manufacturers know that discrimination in any form is antithetical to the values that we work to uphold every day: equality of opportunity, individual liberty, free enterprise and competitiveness.”
In March, more than 40 other industry associations rallied to support the Equality Act, providing an important boost for the groundbreaking legislation. In the weeks since, manufacturing representatives have testified before the House Education and Labor Committee and signed a coalition letter to the House Subcommittee on Civil Rights and Human Services calling for the Act’s passage. As Congress considers the way forward, manufacturers have made clear that they intend to advocate forcefully on behalf of the legislation and uphold their commitment to workers of every gender identity and sexual orientation.
“The Equality Act creates a clear federal standard that matches the sentiments manufacturers already share: gender identity and sexual orientation have no impact on an employee’s abilities and discrimination is not welcome on the manufacturing floor,” Hedren said. “We look forward to working with Congress as this important legislation moves ahead.”
Washington, D.C. – National Association of Manufacturers (NAM) President and CEO Jay Timmons released the following statement after the Department of Labor (DOL) rescinded the 2016 Persuader Rule:
Manufacturers have fought for this victory for many years in the courts, in Congress and with two administrations, using the full weight of our policy, government relations and legal teams, said Timmons. The NAM’s Manufacturers’ Center for Legal Action was able to halt the rule in court in 2016.And in 2017, the Trump administration, as part of its broader regulatory relief agenda, thankfully began the process of unwinding the rule. This overreaching rule threatened to impose serious burdens on manufacturers and upend employee–employer communications. Now manufacturers are relieved that this threat to workplace communications is finally and officially off the books. Commonsense steps like this to rein in onerous regulations are a major reason why manufacturers are reporting record-high business optimism.
The Manufacturers’ Center for Legal Action (MCLA) is the leading voice of manufacturers in the courts and engages in a range of activities, including direct party litigation and operating a robust amicus program, as well as educating manufacturers about emerging legal trends. The MCLA is led by NAM Senior Vice President and General Counsel Linda Kelly and NAM Vice President of Litigation and Deputy General Counsel Peter Tolsdorf. More information on the MCLA can be found here.
The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12 million men and women, contributes $2.25 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.