Association News

Metalformers' Pessimism Grows

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Metalforming companies continue to grow more pessimistic about business conditions over the coming months, according to the October 2023 Precision Metalforming Association Business Conditions Report. Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 110 metalforming companies in the United States and Canada.

After a significant increase in the number of metalforming companies anticipating a decline in economic activity in September, PMA’s October report shows 54 percent of metalforming companies expect a decrease in general economic activity in the next three months, up from 50 percent in September.  On the other hand, 10 percent project an increase in activity, up from 8 percent in September.

Metalformers anticipate little change in incoming orders, with 48 percent of survey respondents expecting a decrease in orders during the next three months (compared with 47 percent in September) and 17 percent forecast an increase in orders, down from 19 percent.

“We are pleased that there is a tentative agreement between the UAW and Ford and hope that the entire labor strike is settled soon," said PMA President David Klotz. "Steel-using manufacturers also remain concerned with the U.S.-EU stalemate regarding steel and aluminum tariffs. PMA joins other associations representing metal-using manufacturers in calling for an end to the Section 232 steel and aluminum tariffs on our country’s close national security allies."