Manufacturing purchasing and supply executives are optimistic about their companies' prospects for the first half, and predict additional growth during the second half of 2004, according to the 66th Semiannual Economic Forecast by the Institute for Supply Management. Some 76% of purchasing and supply executives polled expect revenues to be greater in 2004 than in 2003, with projections showing an average 5.8% net increase in revenues, more than double the 2.8% increase reported by ISM members for 2003.
“At present the sector is in the midst of recovery as manufacturing is in its fifth consecutive month of growth,” said Norbert Ore, chair of the ISM Manufacturing Business Survey Committee, upon release of the ISM forecast in early December. Manufacturing economic activity grew in December for the sixth consecutive month and reached its highest level since December 1983.