Economy
November 21, 2019
Deloitte: Manufacturers Need to Get Houses in Order for 2020
Written by Sandy Williams
Manufacturers still face slowing business conditions for 2020, according to the Deloitte 2020 Manufacturing Industry Outlook. Deloitte projects that annual manufacturing GDP growth will end 2019 at 2.7 percent and at 1.3 percent for 2020, down from prior projections of 3.7 and 2.0 percent, respectively.
Job growth was muted in 2019 with the manufacturing sector adding about 6,000 jobs per month compared to an average of 22,000 per month in 2018. A historically tight labor market has contributed to the decrease in hiring as has weaker demand.
