The National Association of Manufacturers Q2 2025 Manufacturers’ Outlook Survey reveals optimism among manufacturers across the country has dropped sharply. Only 55.4% of respondents report a positive outlook for their companies—a nearly 15-percentage-point drop from Q1 and the lowest level since the height of the COVID-19 pandemic in Q2 of 2020.
Trade uncertainty remained the top business concern for the second consecutive quarter, cited by 77.0% of respondents, followed by increased raw material costs (66.1%) and rising health care/insurance costs (60.0%).
