According to the most recent economic report from ITR Economics (PMPA’s retained economic forecasters), the economic outlook looks very positive and will remain so moving forward.
The US economy is revving up and will continue to rise. Leading indicators point to a sustained rise this year, with 2021 coming in stronger than 2020 for the majority of markets. Although COVID-19 still poses risks, consumers will likely feel safer to venture out to restaurants and to shop, and business and leisure travel will help assist the recovery of the hospitality, airlines and oil markets.
Read the full report below for more detailed information on ITR’s forecast regarding inflation and the global supply chain strain. Is your business positioned to address the cyclical rise ahead and the record high activity in the industrial sector next year?
The Institute for Trend Research (ITR) quarterly reports focus on major areas of economic growth and decline in key market segments for the Precision Machined Products Industry. They are provided to PMPA members as part of the association’s overall business intelligence program and are used as a management tool to help PMPA members plan for what lies ahead and which markets they should focus on in a complex manufacturing environment.