Metal Formers Express OptimismFebruary 26, 2020
According to the February 2020 Precision Metalforming Association (PMA) Business Conditions Report, metalforming companies continue to express optimism:
30 percent of participants predict an improvement in economic activity during the next three months (a slight decrease from 32 percent in January); 60 percent forecast no change in activity (compared to 55 percent last month); and only 10 percent anticipate a decline in activity (a decrease from 13 percent in January).
“Metalforming companies continue to show resiliency and remain optimistic that business conditions will improve,” says PMA President David Klotz. “It’s important to note, however, that this survey was taken prior to the impact to supply chains and business conditions caused by the spread of the coronavirus. PMA will continue to serve as a resource to help its members navigate through these challenges, and this is certain to be a topic of much discussion at PMA’s Forming Our Future conference in Hawaii, March 4-7.”
According to the survey, metalformers expected an uptick in incoming orders, with 53 percent forecasting an increase in orders during the next three months (compared to 43 percent in January); 30 percent anticipating no change in orders (compared to 45 percent in January); and 17 percent predicting a decrease in orders (compared to 12 percent last month).
Current average daily shipping levels spiked in February, with 34 percent of participants reporting higher levels than three months ago (increasing from 16 percent in January); 49 percent indicating no change in shipping levels (the same percentage reported last month); and 17 percent reporting lower shipping levels than three months ago (decreasing from 35 percent in January).
The percentage of metalforming companies with a portion of their workforce on short time or layoff in February dipped to 12 percent, decreasing from 13 percent in January. At this time last year, only 6 percent of the participating companies reported workers on short time or layoff.
See also: Precision Metalforming Association
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