Metalformers Grow More Pessimistic
By Metal Center News Staff
on Nov 22, 2020
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.”