Association News

Metalforming manufacturers’ predictions for economic activity over the next three months fell heading into the summer months, according to the May 2024 Precision Metalforming Association Business Conditions Report. Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 100 metalforming companies in the United States and Canada.

PMA’s May report shows only 19 percent of the manufacturers responding to the survey forecast an increase in economic activity in the next three months, down from 21 percent in April. Meanwhile, 26 percent anticipate a decline, a significant drop from the 12 percent in April who expected a slowdown.

“For most of this year, metalformers’ expectations for business conditions were fairly steady, but this month’s survey shows that members are increasingly concerned with a slowdown in the economy, trade conflicts that could further increase the costs of important inputs including steel and aluminum and a lack of progress on the tax package in Congress,” said David Klotz, PMA president.