Full Steam Ahead for Most Metal FormersOctober 15, 2020
Metal forming companies predict little change in business conditions during the next three months, according to the October 2020 Precision Metalforming Association (PMA) Business Conditions Report. Prepared monthly, the report provides an economic indicator for manufacturing, sampling 113 metal forming companies in the United States and Canada.
The PMA October report finds that 58 percent of metal forming companies expect no change in economic activity during the next three months, compared to 49 percent in September, while only 12 percent anticipate a decline (compared to 11 percent last month. The survey also reveals that 49 percent of metal formers forecast an increase in orders during the next three months (compared to 50 percent in September), and 11 percent anticipate a decrease (compared to 13% in September).
“Metalforming manufacturers continue to meet the challenges to their businesses created by the economic downturn and COVID-19 pandemic,” says PMA President David Klotz. “During my recent visits to member plants, I’ve seen business pick up in some sectors such as automotive. However, many members continue to face severe economic headwinds. PMA is disappointed that Congress and the White House cannot agree on another economic recovery package. Our members are resilient, but Washington can help by providing access to long-term low-interest loans to purchase raw materials and equipment, business liability protection as they follow government guidelines, and an immediate claim of General Business Credits and expanding the Employee Retention Credit to Small Business Administration’s Paycheck Protection Program (PPP) recipients.”
See also: Precision Metalforming Association
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