Association News

PMA's Pessimism Deepens in May

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Metalforming companies reported a drop in shipping levels in May, leading to predictions of a dip in economic activity heading into the summer months, according to the May 2023 Precision Metalforming Association Business Conditions Report. Prepared monthly, the report provides an economic indicator for the next three months of manufacturing, sampling 107 metalforming companies in the United States and Canada.

PMA’s May report shows 35 percent of metalforming companies anticipate a decrease in general economic activity in the next three months, up from 30 percent in April. Only 11 percent expect an increase in activity, down from 15 percent during the previous survey.

Only 15 percent of respondents reported an increase in current average daily shipping levels in May, down 18 percentage points from April. In contrast, 36 percent reported a decrease, up from 21 percent in April.

“PMA members are facing headwinds with more companies reporting drops in shipping levels and a decline in incoming orders,” said PMA President David Klotz. “While one month doesn’t make a trend, rising costs, supply-chain challenges and ongoing difficulty in finding workers all contribute to uncertainty."

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