Association News

Metalformers Grow More Pessimistic

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Pessimism is growing among metalforming companies, according to the latest release from the Precision Metalforming Association. The decline in optimism coincides with the late-year surge in COVID cases around the country.

The November survey of 108 metalforming companies showed 19 percent expect a decline in activity, up from 12 percent in October, while 30 percent forecast an improvement in economic activity, level with the prior month. Additionally, 17 percent anticipate a decrease in orders, up from 11 percent in October. Metalformers expecting an increase in orders declined from 49 to 39 percent.

“The economic downturn caused by the COVID-19 pandemic continues to impact metalforming manufacturers,” said PMA President David Klotz. “Congress and the White House should help by agreeing to another economic-stimulus package during the upcoming congressional lame-duck session that gives manufacturers access to long-term low-interest loans to purchase raw materials and equipment, provides business-liability protection as they follow government guidelines, enables an immediate claim of General Business Credits, and expands the Employee Retention Credit to Small Business Administration’s Paycheck Protection Program recipients.”