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According to IPC’s September 2022 economic outlook report, the economic picture in the United States continues to deteriorate and the probability of a recession next year continues to increase. The US economy is expected to expand just 1.6 percent in 2022, less than half as fast as the 3.9 percent growth projected at the start of the year. Next year, the economy is slated to expand just 0.6 percent, less than expected 2.6 percent growth. A recession in the US next year is not a foregone conclusion, but the probability has increased.

The picture in Europe is decidedly murkier. The Russian invasion of Ukraine continues to exert enormous pressure on the global economy, but the impact is particularly pronounced in Europe. Europe reported annual inflation of 9.1 percent in August, another new high for the continent. Moreover, pressures continue to mount and Europe will see a few more months of new inflation highs.

“Right now, all eyes are on inflation,” said Shawn DuBravac IPC chief economist and report author. “While inflation has probably peaked in the US, this has not been the case in Europe, and the probability of a recession in Europe next year is high. When the outlook for growth is limited, it doesn’t take much to push an economy into recession.”

In addition to DuBravac’s observations, the report also provides US and European data on economic growth, employment, consumer sentiment, manufacturing sentiment (PMI), manufacturing capacity utilization and end markets for electronics.

View a full report from September 2022. To view other information on industrial intelligence, visit https://www.ipc.org/advocacy/industry-intelligence.

IPC (www.IPC.org) is a global industry association based in Bannockburn, Ill., dedicated to the competitive excellence and financial success of its 3,000+ member companies that represent all aspects of the electronics industry, including design, printed board manufacturing, electronics assembly, test and advanced packaging. As a member-driven organization and a leading source for industry standards, training, market research and public policy advocacy, IPC supports programs to meet the needs of the approximately $2 trillion global electronics industry. IPC maintains additional offices in Atlanta, Georgia; Washington.; Munich, Germany; Brussels, Belgium; Bangalore and New Delhi, India; Bangkok, Thailand; and Qingdao, Shanghai, Shenzhen, Chengdu, Suzhou and Beijing, China.

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It’s now officially fall, and in Atlanta the temperature has dropped into the mid-80s. We all turned our air conditioners up to 74 degrees. That means it’s trade show season, and I’ve been busy looking for my suitcase. This week, we have a range of news on associations, education and advocacy, as well as another episode of our Print Electronics Roundtable. And if you’re looking for a job, you’re in luck; our jobConnect007 section is full of open positions at all levels in this industry.

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