全美制造商协会（NAM）：2025年第四季度美国制造商展望调查报告（英文版）-三个皮匠报告

1、NAM MANUFACTURERS OUTLOOK SURVEY FOURTH QUARTER 2025 Dec.17,2025 By Victoria Bloom and Michael Green Percentage of Respondents Positive About Their Own Companys Outlook 69.9%(Q3:65.0%)Small Manufacturers:61.4%Medium-Sized Manufacturers:78.1%Large Manufacturers:65.1%Overall Facts About the Survey Num

2、ber of Responses:241 In the Field:Nov.13 Dec.4,2025 Small Manufacturers:44 responses(18.3%)Medium-Sized Manufacturers:107 responses(44.4%)Large Manufacturers:86 responses(35.7%)Undisclosed:4(1.7%)Expected Growth Rate for SALES Over the Next 12 Months 2.8%(Q3:2.6%)Expected Growth Rate for PRODUCTION

3、Over the Next 12 Months 2.4%(Q3:2.5%)Expected Growth Rate for FULL-TIME EMPLOYMENT Over the Next 12 Months 1.0%(Q3:0.9%)Expected Growth Rate for EMPLOYEE WAGES Over the Next 12 Months 2.7%(Q3:2.6%)Expected Growth Rate for CAPITAL INVESTMENTS Over the Next 12 Months 1.4%(Q3:1.0%)Expected Growth Rate

4、for EXPORTS Over the Next 12 Months 0.1%(Q3:0.2%)Expected Growth Rate for PRICES OF COMPANYS PRODUCTS Over the Next 12 Months 3.0%(Q3:3.7%)Expected Growth Rate for RAW MATERIAL PRICES AND OTHER INPUT COSTS Over the Next 12 Months 4.1%(Q3:5.4%)Expected Growth Rate for INVENTORIES Over the Next 12 Mon

5、ths 0.2%(Q3:0.1%)Summary of Findings Manufacturing sentiment improves from the previous quarter.The NAM conducted the Q4 2025 Manufacturers Outlook Survey Nov.13 Dec.4,2025.In Q4,69.9%of respondents felt either somewhat or very positive about their companys outlook,up 4.9 percentage points from Q3 2

6、025(Figures 1 and 2).The average sentiment over the past four quarters is 65.0%.Trade uncertainties,rising health care costs and a weaker domestic economy are at the top of manufacturers business concerns.In Q4,73.1%of manufacturers cited trade uncertainties as their top business challenge,followed

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