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Manufacturers’ optimism remains steady amid continued supply chain, talent challenges, report finds

Manufacturers have remained optimistic about their business prospects over the past six months, according to a new report from Chicago-based Sikich. In the “Sikich Industry Pulse: Manufacturing and Distribution” report, based on a survey in February and March 2022, nearly 70% of manufacturers rated their optimism of business prospects over the next six months at a seven or higher on a scale of one to 10. This marks only a slight decrease from the previous survey from September 2021. In that survey, 71% of manufacturers rated their optimism at a seven or higher.

At the same time, manufacturers must overcome supply chain and talent challenges. Only 10% of manufacturers are very confident in their ability to obtain the talent required to support their business strategies over the next 12 months. And in the face of global supply chain upheaval, manufacturers have been forced to revisit their supply chain strategies. One-third of survey respondents are sourcing alternative supplies and one-fifth are sourcing alternative products to address supply chain challenges.

The report found more than half of respondents experienced an information security event in the past year, and 36% experienced two or more different kinds of security events. Nearly 75% of manufacturers reported catching email phishing scams. The report also found that nearly 34% of companies experienced unemployment fraud in the past 12 months, and 8% experienced a ransomware incident.

Sikich surveys manufacturers and distributors multiple times throughout the year on a variety of business topics to create industry benchmark data. For this report, the company surveyed more than 100 executives from manufacturing and distribution companies across sectors including industrial equipment; wholesale and distribution; metal fabrication; food and beverage; apparel, footwear, and textiles; and transportation.