MT Magazine November/December 2022

NOVEMBER/DECEMBER 2022

13

The Good, The Bad The Economy If this were a movie, you might want to head for the exit. But sticking around – which may not be easy – can be rewarding. The Previews Were this a movie, it would be PG-13-rated. Possibly R. The macroeconomic situation in the United States is not particularly good, and in the near-term, it isn’t going to get a whole lot better. Hard stuff. While movies are often fanciful, for manufacturers, the prevailing conditions are all too real. But they can be addressed and managed. A recent McKinsey report, “Delivering the US manufacturing renaissance,” opens, “US manufacturing may be poised for an overhaul and a rebound, with a potentially significant impact on the nation’s overall economy.” Which certainly sounds promising. It goes on to point out that in the United States, “manufacturing accounts for $2.3 trillion in GDP, employs 12 million people, and supports hundreds of local economies.” What’s more, manufacturing is responsible for “20 percent of the nation’s capital investment, 35 percent of productivity growth, 60 percent of exports, and 70 percent of business R&D spending.” It describes manufacturing in the United States as being at “an inflection point,” and that “Analysis by the McKinsey Global Institute suggests that restoring growth and BY GARY S. VASILASH CONTRIBUTING EDITOR