For the rest of the year, the economy will continue to expand at a moderate pace, according to the report. ISM Spring 2023 Economic Forecast The food, beverage and tobacco industry is forecasting revenue growth for the rest of the year, with 2023 revenue expected to be higher than 2022.
- Manufacturing companies are running, on average, at 82% of their normal capacity.
- Respondents in Food, Beverage and Tobacco reported higher prices paid in the first half of 2023, but do not expect price increases to continue.
- Food, Beverage and Tobacco expects both capacity and capital spending to increase this year.
- Sixty-seven percent of respondents in the manufacturing sector reported difficulties finding employment, up from 89% in May and 77% in December.
- Thirty-eight percent expect supply chain issues to improve in Q3, and 46% expect improvement in Q4.
