Posted on 03/22/2006 10:39:03 AM PST by Willie Green
For education and discussion only. Not for commercial use.
(Crain's) — A National Assn. of Manufacturers survey of its members found they expect the U.S. economy to grow more slowly this year than what many economists predict.
A majority of those surveyed foresee growth in the U.S. gross domestic product of less than 2.9% in 2006, the association said. The NAM's own economist predicts the economy will grow 3.3% this year, said Hank Cox, an association spokesman. Economists' consensus estimates have recently stood at 3.4%.
The survey was sent last month to 3,000 association members, and 349, or about 12%, responded. The association timed its release to coincide with the National Manufacturing Week convention taking place in Rosemont this week.
Of the survey respondents, 44% said they expect manufacturing to trail the economy in 2006, up from 34% last year. The biggest challenges for manufacturers this year are increased costs for health care, materials and energy that manufacturers have been unable to pass along to consumers through higher prices. The same three costs topped manufacturers' worries last year, according to the association.
Concerned manufacturers might take heart in wholesale price statistics released by the federal government Tuesday. The producer price index fell 1.4% in February — the largest amount in nearly three years — as food and energy costs declined over the month, according to the U.S. Bureau of Labor Statistics.
Half the survey's respondents said they had left job openings unfilled because they can't find qualified workers.
"Technology and competition will only increase America's need to have access to highly skilled professionals. But our schools and training programs just aren't doing the job," said John Engler, president of the association, in a statement.
US growth solid even if housing slows: Bernanke
Mon Mar 20, 2006 8:50 PM ET
NEW YORK (Reuters) - A slowdown in the U.S. housing market would still be entirely consistent with economic growth at or near potential, Federal Reserve Chairman Ben Bernanke said on Monday.
Fed Chairman, or a POLL (ONLY 12% of those polled bothered responding, for a number of 334 individuals... pitiful poll... non scientific...) TAKEN BY UNNAMED MANUFACTURING PERSONS??? All I can say is that willie... you are still a dumb ass!
LLS
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.