The National Association of Manufacturers (NAM) has published its Q2 2025 Manufacturers’ Outlook Survey, indicating a significant decline in optimism among manufacturers nationwide. According to the survey, only 55.4% of respondents have a positive outlook for their companies, marking a nearly 15-percentage-point decrease from the previous quarter and reaching the lowest level since the COVID-19 pandemic's peak in Q2 2020.
The survey, conducted earlier this month, also highlights that 85.4% of manufacturers believe Congress should maintain pro-growth tax policies amidst ongoing trade uncertainty. Trade uncertainty was identified as the top business concern for the second consecutive quarter by 77.0% of respondents, followed by increased raw material costs, cited by 66.1%.
NAM President and CEO Jay Timmons said, "These numbers are yet another indicator that manufacturers need increased policy certainty. Congress must act urgently to preserve tax reform and empower manufacturers to make the long-term investments that drive the American economy." He further emphasized that preserving tax reform is crucial to preventing job losses and economic setbacks: "The stakes are high: preserving tax reform will prevent the loss of 6 million jobs and avoid a $1 trillion hit to the economy—that’s why manufacturers are calling on the Senate to preserve pro-manufacturing tax policies from the House-passed reconciliation bill, while also taking steps to ensure the final package is maximally beneficial for our industry."
Timmons also noted that "Pro-manufacturing tax policies are a critical component of a comprehensive manufacturing strategy; this quarter’s results also show that manufacturers need a strategic approach to trade policy that allows our industry to reduce costs and access the inputs we need to make things in America."
The NAM releases these survey results quarterly. Further details on this survey can be accessed through their official channels.
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