By Jackie Greene – ITR Economics
Are your bookings on track with your projections?
Is your revenue on track to meet your year-end goal?
Throughout this cycle, there is noteworthy variability across markets. A mixed bag of market expectations for the second half of the year could create drag on your business or provide you some nice lift as you look to meet your goals by the end of the year. For instance, US Industrial Production is plateauing and will generally vacillate around this level through the remainder of 2024. By contrast, the services side of the economy is growing and will continue to do so for the remainder of the year.
Even within these larger segments, there is variability that could impact your outcomes.
- US Defense Capital Goods New Orders are in recession (5.0% below the year ago level), but the trend is expected to reverse and defense spending will rise by the end of the year.
- US Heavy-Duty Truck Production is 3.4% above the prior year, but Production will end 2024 3.9% below 2023.
- US Single-Unit Housing Starts are up 13.5% and the rate of growth will slow to 6.3% by the end of the year.
Your future is not mandated by the various market trends, but it is certainly influenced by them. Having the appropriate benchmarks and outlooks for your business can help you get a better read on the future and give you the power to navigate through uncertain times.