2024 US economy growth projected at reduced pace for manufacturing and services sectors by ISM.

The Institute for Supply Management (ISM) forecasts US economy growth in 2024, albeit at a reduced pace for manufacturing and services sectors compared to December 2023 projections. Manufacturing revenues are projected to increase by 2.1% and services by 2.9%, with capacity utilization at 82.8% and 88.6% respectively. Capital expenditures are expected to rise by 1% for manufacturing and 1.4% for services. Despite inflation concerns and geopolitical uncertainties, 44% of respondents expect revenues to increase by 8.6% in 2024 compared to 2023.