A number of US manufacturers are anticipating a financial hit from the coronavirus outbreak currently gripping the world.
78.3% of companies polled by the National Association of Manufacturers said they anticipate a financial impact as a result of the outbreak.
The survey asked 558 respondents about effects on their supply chain and operations, financial expectations and emergency response plans. More than half (53.1%) said they anticipate a change in operations while 35.5% said they face supply chain disruptions. Companies surveyed supply all industrial sectors.
“Already, manufacturers are grappling with disruptions to their businesses due to the Covid-19 outbreak, with many anticipating financial and operational consequences – even before some of the developments of this week. The federal government can take steps to further equip manufacturers to deal with Covid-19 by implementing the NAM’s ‘Covid-19 Policy Action Plan Recommendations.”
These identify five key policy areas where legislative and administration action would help combat the coronavirus and future public health emergencies successfully: “Keeping our workforce safe and healthy; protecting our communities; providing economic stability; encouraging resilient growth in the United States; and encouraging long-term job growth.”
Yesterday (11 March) the Trump administration rolled out plans for an economic stimulus package to gird the economy against the impact of the coronavirus outbreak. The proposals include low-interest loans for small businesses that will allow them to overcome temporary economic disruptions caused by the outbreak.
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By GlobalDataAn increasing number of brands and retailers have expressed concern in recent weeks at the likely impact of the coronavirus on both sales and supply-chain disruption.
Click here for additional insight on the coronavirus outbreak: Is coronavirus a threat to the clothing industry?
