On the six-month anniversary of the passage of the Tax Cuts and Jobs Act, Congress’ top tax writer praised the National Association of Manufacturers (NAM) and president and CEO Jay Timmons in a Capitol press conference for the organization’s advocacy.
“Thank you to Jay for your leadership of America’s manufacturers,” said House Ways and Means Committee Chairman Kevin Brady as Timmons, House Speaker Paul Ryan and Treasury Secretary Steven Mnuchin looked on. “This pro-growth tax reform would not have occurred but for your leadership.”
Earlier that day, the NAM released its latest quarterly Manufacturers’ Outlook Survey in conjunction with the anniversary. The results were eye popping: more than 95 percent of manufacturers surveyed were optimistic about their business outlook – the highest rating in all of the survey’s 20-year history.
Speaker Ryan and Chairman Brady echoed the record-setting results.
“Today there is a record optimism among our nation’s manufacturers,” said Ryan. “Tax reform, to be blunt, is the game-changer our economy needed.”
“Our manufacturers are now armed with one of the most pro-growth tax codes in the world. And since tax reform was signed into law, over 70% of manufacturers have increased hiring and their workers’ wages due to tax reform,” said Brady.
Marlin Steel Wire Products president and CEO Drew Greenblatt and Jamison Door president and CEO John Williams, both NAM members, also participated in the press conference along with workers from each company’s shopfloor. The full event can be viewed here.
Conducted by NAM Chief Economist Chad Moutray, the Manufacturers’ Outlook Survey has surveyed the association’s membership of 14,000 large and small manufacturers on a quarterly basis for the past 20 years to gain insight into their economic outlook, hiring and investment decisions and business concerns.
The NAM releases these results to the public each quarter. Further information on the survey is available here.
As expected, the Federal Open Market Committee (FOMC) ended its June 12–13 meeting by hiking short-term rates by 25 basis points. This action—the second increase so far in 2018—was widely expected, with markets already pricing it in. More importantly, the Federal Reserve’s economic projections signal that there could be four hikes in the federal funds rate this year, up from a consensus estimate of around three. With the Federal Reserve’s action, the target range for the federal funds rate is now 1.75 to 2 percent. The projections show that range rising to 2.4 percent by the end of 2018 and 3.1 percent in 2019. The latter would indicate three hikes next year. With that said, the FOMC will hinge future interest rate increases on incoming data. Read More
“We can see a material rebalance of our investment activities in favor of the U.S as a direct consequence tax reform.”
“…expected to support 182,000 permanent new jobs and add nearly $14 billion in wages for Texas workers.”
“…effectively responding to such problems is more properly the role of public policy, not ad hoc shareholder resolutions.”
“Manufacturers can develop KPIs to assess the sustainability performance of their manufacturing processes…”