Connect with us

Headlines

Continued Economic Upswing Seen in 2024: ISM

Retailers expect their revenues to be higher in 2024

mm

Published

on

Continued Economic Upswing Seen in 2024: ISM
gorodenkoff/iStock.com

Economic improvement in the United States will continue in 2024, the nation’s purchasing and supply management executives predicted in the latest semiannual economic forecast from the Institute for Supply Management.

In the service sector, which includes retail, 43 percent of services supply management executives expect their 2024 revenues to be higher than in 2023. They expect a 6.9 percent net increase in overall revenues for 2024, compared to a 4.2 percent increase reported for 2023.

The top service industries expecting revenue increases in 2024 include:

  • Retail trade (ranked first for the sector)
  • Professional, scientific and technical services
  • Construction
  • Transportation and warehousing
  • Management of companies and support services
  • Wholesale trade

“Services supply executives report operating at 86.5 percent of normal capacity, less than the 91 percent reported in May 2023,” said Anthony S. Nieves, Chair of the ISM Services Business Survey Committee. “They are guarded about the first half of 2024, but expect robust growth in the second half, with a projected increase in capital reinvestment. They forecast that their capacity to produce products and provide services will rise by 4.1 percent during 2024, and capital expenditures will increase by 2.9 percent. Services panel members also predict their overall employment will increase by 0.8 percent during 2024.”

 

Advertisement

Since launching in 2014, INVISION has won 23 international journalism awards for its publication and website. Contact INVISION's editors at editor@invisionmag.com.

SPONSORED VIDEO

Meet the Next Generation of Smart Glasses

Ray-Ban Meta is now available with a full range of lenses, as a complete pair or edged lens. Prescription orders eligible through select insurance providers, including Eyemed and private pay. The Ray-Ban Meta collection combines iconic design with cutting-edge technology. Capture life’s best moments and livestream to Facebook and Instagram with an upgraded 12 MP camera and five-mic system. Stay connected with hands-free calls and messages. Listen to your favorite tracks through built-in speakers. Spark your creativity, get information and control your glasses with your voice – powered by Meta AI. All while keeping your phone in your pocket. For more information, visit here.

Promoted Headlines

Advertisement

Advertisement

Subscribe

INVISIONMAG.COM
BULLETINS

Get the most important news and business ideas for eyecare professionals every weekday from INVISION.

Advertisement

Advertisement

Most Popular