-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueWhat's Your Sweet Spot?
Are you in a niche that’s growing or shrinking? Is it time to reassess and refocus? We spotlight companies thriving by redefining or reinforcing their niche. What are their insights?
Moving Forward With Confidence
In this issue, we focus on sales and quoting, workforce training, new IPC leadership in the U.S. and Canada, the effects of tariffs, CFX standards, and much more—all designed to provide perspective as you move through the cloud bank of today's shifting economic market.
Intelligent Test and Inspection
Are you ready to explore the cutting-edge advancements shaping the electronics manufacturing industry? The May 2025 issue of SMT007 Magazine is packed with insights, innovations, and expert perspectives that you won’t want to miss.
- Articles
- Columns
- Links
- Media kit
||| MENU - smt007 Magazine
Global Economy Continues to Cool; Is Recession Imminent?
June 2, 2023 | IPCEstimated reading time: 1 minute

Per IPC’s May 2023 Economic Outlook report, the global economy continues to cool, but not quite as severely as expected at the start of the year. Stronger-than-expected growth in 2023 will come at the cost of weaker growth in 2024.
Labor markets remain extremely strong, despite the widely held view that recession is imminent. Both the United States and Europe are enjoying record low levels of unemployment. Strong labor markets and solid wage growth are likely to keep inflationary pressures stubbornly high.
"Consumer confidence fell sharply in the last month, erasing half of the gains since the all-time low levels of June 2022. Business confidence has also been weak. Manufacturers report a subdued outlook in both the U.S. and Europe,” said Shawn DuBravac, IPC chief economist. “Leading economic indicators continue to suggest a high risk of recession this year, even if the timing continues to push later into the year,”Du Bravac added.
Additional data in the May 2023 IPC Economic Outlook show:
- U.S. consumer sentiment fell in May, declining nearly 7 percent. The debate over the debt ceiling likely contributed to some of this decline.
- U.S. manufacturing sentiment contracted for the fifth consecutive month in April. The manufacturing PMI rose 0.8 percentage points in the last month, but not enough to move back into expansionary territory.
- The European economy grew during the first quarter of the year, edging up 0.1 percent in the euro area and up 0.2 percent in the EU.
- Electronics manufacturing output fell in March, decreasing a sharp 5.9 percent from the prior month and 1.7 percent from the year-ago period.
View May 2023 IPC Economic Outlook. For more information on IPC’s industry intelligence program including current research and reports, visit www.ipc.org/advocacy/industry-intelligence.
Suggested Items
Zollner Completes Full Acquisition of Bluechips Microhouse
07/01/2025 | Zollner Elektronik AGZollner Elektronik AG has successfully finalized its com- plete takeover of Bluechips Microhouse Co., Ltd., in Thailand. In the future the company will operate as part of the Zollner Group of companies under the leadership of Thomas Kiefl – strategically networked, technologically focused and internationally oriented.
Inission Acquires the Lithuanian Company Selteka
07/01/2025 | InissionInission AB has signed an agreement to acquire 100% of UAB Selteka. Selteka is a well-respected EMS (electronics manufacturing services) company with operations located in Kaunas, Lithuania.
Kitron Strengthens Order Backlog with EUR 11 Million Contract for Defense Communication
07/01/2025 | KitronKitron has received an order valued at EUR 11 million to produce advanced military communication products destined for the European market.
TRI Unveils New Multi-Camera AOI, TR7500 SIII Ultra
07/01/2025 | TRITest Research, Inc. (TRI), the leading test and inspection systems provider for the electronics manufacturing industry, proudly introduces the new TR7500 SIII Ultra.
IMI Wins Gold Award for Best Managed Technology Company at FinanceAsia’s 29th Asia’s Best Companies Awards
07/01/2025 | IMIIntegrated Micro-Electronics Inc. (IMI) has been awarded the prestigious Gold Award for Best Managed Technology Company at the 29th edition of the Asia’s Best Companies Awards, hosted by FinanceAsia.