Metal Formers Continue to Experience Supply Shortages and Other Challenges
February 28, 2022Comments
There was little change in metal forming companies’ forecast for business conditions during the next three months, according to the February 2022 Precision Metalforming Association (PMA) Business Conditions Report, which shows that 58 percent of respondents expect no change in general economic activity in the next three months, up slightly from 56 percent in January. About one third, 32 percent, anticipate an increase in activity and 10 percent predict a decrease in activity, compared to 7 percent in January.
Forty-six percent of respondents reported an increase in lead times, the same percentage reported in January.
“PMA members recently met in Florida for PMA’s 2022 Forming Our Future conference where they had an opportunity to hear from industry experts, economists and our advocacy team in Washington, D.C.,” says PMA president David Klotz. “I heard first-hand reports from our members that they continue to experience steady business conditions but are very concerned about meeting demand because of the inability to find the materials they need due to supply chain disruptions. In addition, most PMA members reported job openings that they cannot fill. PMA is redoubling its efforts to assist members with initiatives to promote manufacturing careers and help train and retain their workforce through METALFORM EDU and other programs.”
Metal formers also forecast steady incoming orders in the next three months, with 42 percent expecting an increase in orders (compared to 43 percent in January), and 8 percent anticipating a decrease in orders (compared to 12 percent in January.
See also: Precision Metalforming Association
Technologies: Management
