The latest Outlook Survey from the National Association of Manufacturers (NAM) shows optimism at its lowest level since the second quarter of 2020, with trade uncertainty ranking as the top concern among respondents for the second consecutive quarter.
NAM’s Second-Quarter 2025 Manufacturers’ Outlook Survey, which was released on May 30, revealed that optimism among manufacturers nationwide has dropped sharply. Only 55.4% of survey respondents reported a positive outlook for their companies – a nearly 15-percentage-point drop from the first-quarter survey and the lowest level since the height of the COVID-19 pandemic in the second quarter of 2020.
Furthermore, manufacturers are urging Congress to act on pro-growth tax policy and deliver more policy certainty. The survey showed that 85.4% of manufacturers believe Congress should preserve pro-growth tax policies in response to trade uncertainty. Trade uncertainty remained the top business concern for the second consecutive quarter, cited by 77% of respondents, followed by increased raw material costs, which was cited by 66.1% of respondents.
Click here to review the survey.
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