Economic Forecast by Metal Formers Reflects Volatile MarketMarch 23, 2023
The economic forecast from metal forming companies over the next three months remains consistent, with some continuing to express optimism and others predicting headwinds. That according to the March 2023 Precision Metalforming Association (PMA) Business Conditions Report, which reveals that 23 percent of those surveyed predict an increase in general economic activity in the next three months (up from 18 percent in February), and 24 percent anticipate a decrease in activity (compared to 19 percent in February). The rest expect no change. They also forecast a slight decline in incoming orders, with only 31 percent expecting an increase in incoming orders during the next three months (compared to 38 percent in February), and 24 percent predicting a decrease in orders (compared to 22 percent in February).
“The latest PMA Business Conditions Report is consistent with what I heard from our members at PMA’s Forming Our Future Leadership Conference earlier this month,” says PMA President David Klotz. “Members’ outlooks somewhat depend on the sectors that they are supplying, but all continue to report supply-chain challenges.”
Metal formers also report little change in shipping levels in March, with 32 percent reporting an increase in shipping levels (compared to 30 percent in February), and 24 percent reporting a decrease (down from 25 percent in February).
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See also: Precision Metalforming Association
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