The “economy will continue to softly expand” for the rest of the year, according to ISM’s Spring 2023 Semiannual Economic Forecast The food, beverage, and tobacco industry anticipates revenue growth for the remainder of the year, and expects that 2023 revenue will be higher than that in 2022.
- Manufacturing companies are operating on average at 82% of normal capacity.
- Food, beverage, and tobacco respondents reported an increase in prices paid for the first part of 2023, but do not expect price increase to continue.
- Food, beverage, and tobacco expect both production capacity and capital expenditures to increase this year.
- 67% of manufacturing respondents reported difficulty hiring, down from 89% last May and 77% last December.
- 38% expect supply chain problems to be better in Q3, while 46% expect them to be better in Q4.