Fiscal cliff already lowering GDP by 0.6 percent, manufacturers estimate

A standoff between Democrats and Republican on whether increased taxes for high earners means going over the cliff, at least temporarily, is a real possibility. 

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“Manufacturers have had to put off plans to expand and hire new workers to protect themselves against an increasingly negative business climate — resulting in slowing economic growth and job loss in the manufacturing community,” said NAM President Jay Timmons. 

The report projects losses to be deepest for transportation equipment and durable materials. Consumer goods makers and defense contractors will be especially hit, NAM predicts. 

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