NAM survey predicts 1998 job growth

Four of 10 manufacturers are predicting increases in full-time, permanent jobs this year, while only 5% say they plan to reduce employment, according to the National Association of Manufacturers' (Washington, D.C.) latest annual survey.NAM president Jerry Jasinowski, NAM chairman Earnie Deavenport, and Scott Laney, chairman of NAM's Small and Medium Manufacturers' Ac...

By Staff April 1, 1998

Four of 10 manufacturers are predicting increases in full-time, permanent jobs this year, while only 5% say they plan to reduce employment, according to the National Association of Manufacturers’ (Washington, D.C.) latest annual survey.

NAM president Jerry Jasinowski, NAM chairman Earnie Deavenport, and Scott Laney, chairman of NAM’s Small and Medium Manufacturers’ Action Committee, released the survey of 2,000 manufacturers nationwide on March 16 at National Manufacturing Week (NMW), McCormick Place, Chicago.

“The fact that eight times as many manufacturers will create jobs as will cut them despite financial turmoil in Asia is yet more evidence that entrepreneurial energy, technological advances, and productivity gains are driving the U. S. economy to new heights,” says Mr. Jasinowski. Mr. Deavenport added, “As we approach full employment, and with recent data suggesting companies are struggling to find the qualified employees they need, it’s becoming evident that we must focus on fixing our education and training systems so our supply of highly skilled knowledge workers doesn’t soon run out.”

Despite the encouraging employment numbers, NAM’s survey says manufacturers still expect a major hit from the Asian financial crisis. About 60% of those surveyed predict U.S. economic growth at 2.5% or lower this year, and 65% believe the effects of the Asian crisis will not be offset by growth in Europe. Similarly, 40% expect Asia’s problems to decrease exports.