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Survey: Manufacturers Planning for Negative Revenues, Job Cuts in 2009

U.S.-based industrial manufacturers are expecting negative revenues over the next 12 months, according to a survey by PricewaterhouseCoopers (PwC). The company's fourth-quarter 2008 Manufacturing Barometer indicates that 33 percent of senior executives surveyed expect negative growth for 2009, while 34 percent are expecting zero growth. Only 25 percent expect to see positive numbers. In addition, 35 percent of respondents plan to cut jobs during 2009, with most of the layoffs affecting production workers and white-collar support jobs. "For the first time in the Barometer's history, industrial manufacturers are expressing significant concern over future revenue growth as worldwide markets face a recession and international sales continue to drop," says Barry Mishtal, partner and manufacturing sector leader at PwC. "Their pessimism over revenue figures is being echoed in their anxiety over both the domestic and international economies, as global confidence levels reach an all-time low." PwC has been conducting the Manufacturing Barometer survey since 2003. Executives surveyed cite lack of demand (85 percent) and decreased profits (62 percent) as the primary barriers to growth. The Manufacturing Barometer interviews 60 senior executives of large, multinational U.S. manufacturing companies; the survey was conducted between November 7, 2008 and January 16, 2009.

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