Recession Readiness: Cost Strategies to Take the Lead – Part I: Industry Economic Outlook
Over half of manufacturing leaders say inflationary pressures are making a recession more likely within the next year, according to a survey released in June by the National Association of Manufacturers. According to the survey report, “while a recession is not inevitable—and we continue to forecast growth for 2022 and 2023—the risk of a downturn has increased significantly.” While manufacturers continue to battle inflation, increased interest rates, workforce shortages and supply chain challenges, it is becoming increasingly evident that leaders must also review their strategic and financial plans to ensure they are prepared for this recession risk.
Join Joe Haehner, Industrial Manufacturing Partner, in this podcast series as he explores a variety of strategies manufactures can implement now to proactively rein in costs while simultaneously reinvesting in growth.
Chad Moutray, Chief Economist for the National Association of Manufacturers, joins us for Part I to provide insight into the current economic landscape, discuss employment growth and wages, outline the biggest challenges for manufacturers and offer an outlook on inflation.
We invite you to tune in to our upcoming podcasts in this series:
- Part II: Identify and Implement Technology and Business Process Improvements – Steve Holliday, Director, Digital Advisory Services | Cherry Bekaert
- Part III: Digital Solutions for Recession Preparedness – Jim Holman, Director, Digital Advisory Services | Cherry Bekaert