b'Primary current business challenges, second quarter 2020Weaker domestic economy and sales for our products 83.1%Rising health care/insurance costs 49.6% Weaker global grow th andslower export s ales41.6%Attracting and retaining a quality workforce 41.0%Access to COVID-19 testing, adequate PPE materials 40.0%Trade uncertainties 34.2%Unfavorable business climate (e.g., taxes, regulations) 33.5%Increased raw material costs 24.7%Transportation and logisticscosts 23.4%StrengthenedU.S.dollar relative to othercurrencies 16.6%Other 11.8%Challenges with access to capital 7.8%Note: Respondents were able to check more than one response; therefore, responses exceed 100%. National Association of Manufacturerstween the two different worlds ofstore employment levels and salaryquestion was added to the survey in software and chip production. packages to pre-pandemic status,third quarter 2014, 53.6% of respon-As a result of the pandemic, 76.9%worker benefits would be targeted. dents expected costs to rise by 5% ofsurveyrespondentsplannedBenefits may either stall or haveor more, and 19% saw costs rising to reevaluate what work could besome type of hiatus to permit busi- by 10% or more.done remotely. nesses to get back into a healthyIn addition, 49.6% of respondents As shown by the results of Cut- and strategic position, he said. named rising health care and insur-ting Tool Engineerings 2020 Bene- The rising cost to provide benefitsance costs as a primary business fits and Salary Survey, nearly all po- is part of the picture. For instance,challenge during the second quar-sitions received fewer health, den- the survey reported that the ex- ter. This figure was second to over-tal, retirement and company vehiclepected growth rate for health insur- coming the challenge of a weaker benefits. ance costs over the next 12 monthsdomestic market and product sales, McGibbonconcurredthataswould be up 5.7%. Although thiswhich 83.1% of respondents indi-manufacturers try to recover and re- was the lowest increase since thecated.CTEScientific Cutting Tools New Solid Carbide Spotting Drills82, 90, and 100 Countersink & ChamferSCT spotting drills are for 120 and 142 Spotting Drillsa valuable rst step in the Designed With A 4 Facet Point & Constant Webholemaking process. The Available Uncoated or with AlTiN Coatingprecise point angle is heldto a one-degree tolerancefor true centering.www.sct-usa.com [email protected] 805.584.9495 800.383.2244 | Technical Assistance is Available ctemag.com/cteguide.com49IndyAnalysis.indd 49 7/17/20 3:16 PM'