The newest ITR Econ Trends report is available for PMA members. The April 2021 report provides a general economic overview and focuses on the forging stand stamping, heavy duty truck and light vehicle production industries.
Report Overview
The U.S. economy is revving back up, and more rise is on the horizon. U.S. Real Gross Domestic Product rose 8.6% from the pandemic low to the end of 2020 and has another 2.5% to go before equaling its last peak. Leading indicators point to sustained rise this year, with 2021 coming in appreciably stronger than 2020 for the vast majority of markets. ITR Economics is forecasting a robust rise for the annual U.S. Industrial Production in the near term, with record highs by around mid-2022 and rise extending through at least 2023.
Although COVID-19 still poses downside risks, potentially compounded by the spread of new variants, improvements in the death and vaccination rates are encouraging. Consumers will likely feel safer to venture out shopping, stoking demand for goods and services, and fewer employees will miss work due to COVID-19, helping alleviate supply-side snags. An increase in travel, for both business and leisure, will assist recovery in a host of related industries, such as hotels, restaurants, airlines and oil.
The full ITR report is available to PMA members only. PMA members can access the report by logging into their account.