The report says that after years of post-financial crisis struggle, the U.S. manufacturing sector finally has a range of recovery tailwinds that are catalyzing its increasingly sunny outlook. The world is now experiencing a strengthening economic rebound, with every major region enjoying stable performance. Some regions, including the Eurozone, are growing above the expectations of forecasters. The global economic rebound along with the passage of tax reform legislation in the U.S. and the resumption of a much-needed dollar depreciation that began in the early months of 2017 has given rise to the MAPI Foundation’s outlook for the best U.S. manufacturing growth performance in more than a decade.
As of the latest data for January 2018, manufacturing output remains 4.7 percent below the December 2007 level. For the first time, however, recovery is seen in MAPI's forecast.
"We project that the U.S. manufacturing sector will fully regain all lost output by April 2019, just short of a decade since a trough was reached in June 2009," the report says.