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Sales Outlook, Not Taxes, to Drive Spending, U.S. Companies Say

Purchasing managers see investment and hiring growing at a slower pace next year.

By Shobhana Chandra, Bloomberg | Updated on December 11, 2017

U.S. companies expect their investment and hiring to grow at a slower pace in 2018, and only a small share say proposed tax legislation is driving their capital-spending decisions, according to a private survey.

The Institute for Supply Management’s semi-annual forecast showed factory purchasing managers see capital spending rising 2.7 percent in 2018, slower than the 8.7 percent gain reported for this year. Their counterparts at service providers project investment growth of 3.8 percent, also weaker than this year’s 7 percent advance. Less than half of respondents in both manufacturing and services said they’d raised wages to attract workers.

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