Manufacturing is expected to expand at a slower pace than projected in December 2022, with revenue expected to increase about 1.7%, capital spending to inch upward (0.4%). Manufacturers are currently using about 82% of their capacity.
Meanwhile, the Services part of the economic is also expected to expand at the slightly slower pace than projected in December 2022. Services revenue is expected to grow 2.7%, capital spending to increase 4% and capacity utilization is currently at 91%.
The forecasts were issued by the Institute for Supply Management's business survey committee. ISM's forecasts are considered somewhat more reliable than most since purchasing and supply execs have a good insight into what companies are ordering to meet demand in the next three to six months.
Continued expansion of the broader economy should support continued growth in the bev/al sector, including premiumization efforts.