Optimism of US Industrial Companies Improves. Large US industrial manufacturers are far more optimistic about domestic and global economies than they were three months ago, but most still expect revenue to be flat or down over the next 12 months, according to a quarterly survey.

The survey, by the PricewaterhouseCoopers consultancy, found 43 percent of respondents are optimistic about the U.S. economy over the next 12 months, up a whopping 27 percentage points from the first quarter. Those saying they are pessimistic fell to 18 percent, down an even larger 37 points.

Asked about prospects for the global economy, 43 percent said they were optimistic, more than triple the number who said so in the first quarter.

PwC polled 60 industrial executives at companies with an average market capitalization of $8 billion and, for comparison, 110 executives in other sectors.

The telephone survey was done between mid-April and mid-July. It found industrial executives are more optimistic about both the U.S. and world economies than their peers in other sectors.

More of the executives polled said they were planning to hire new workers and fund new investments, and more said they were considering buying another business or expanding in overseas markets.

But large majorities said lack of demand remains a barrier to growth and said their plants are running at three-quarters capacity or less.

Tax policy and legislative and regulatory pressures were cited as areas of concern by 4 in 10 of those surveyed, and capital constraints also remain a barrier to growth.

However, industrial executives are less worried about energy prices, exchange rates or interest rates than they have been in recent quarters.

INDUSTRIAL, COMPANIES, MANUFACTURING, SURVEY, EXECUTIVES, WORKERS, EMPLOYMENT
Reuters | 07 Aug 2009 | 09:50 AM ET

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