The survey was conducted by the Institute for Supply Management (ISM) Business Survey Committees
According to the research, the economic downfall in the US will continue for the rest of 2020.
The data found that the revenue in manufacturing is anticipated to drop by 10.3% on average. This is 15.1% points lower than in December 2019 forecast for 2020.
Along with that, 18% of respondents say that revenues for 2020 will rise by 10.6%, on average, compared to 2019. At the same time, 58% of them reveal their revenues will drop, on average, 21.2%.
It has been highlighted that employment is more likely to decrease by 5.3% by the end of the year, due to the damaging impacts of the pandemic.
According to the report, the 15 manufacturing industries expecting revenue drop are:
- Printing & Related Support Activities;
- Petroleum & Coal Products;
- Transportation Equipment;
- Miscellaneous Manufacturing;
- Primary Metals;
- Plastics & Rubber Products;
- Furniture & Related Products;
- Textile Mills;
- Nonmetallic Mineral Products;
- Fabricated Metal Products;
- Electrical Equipment, Appliances & Components;
- Computer & Electronic Products;
- Chemical Products;
- Paper Products.
We’ve reported that the UK’s economy sectors have been seriously impacted due to the pandemic, causing permanent damage to the economy.
The report highlighted that the combination of Brexit and the Government’s efforts to stop the virus’ spread both contributed to the steep fall of the UK GDP. According to data, it is anticipated to fall -8.3% this year.