Metal Formers Predict Slight Decline Heading into SummerMay 26, 2022
According to the May 2022 Precision Metalforming Association (PMA) Business Conditions Report, metal forming companies anticipate a modest decline in business conditions compared to the previous month’s report. Sixteen percent of those surveyed expect an increase in general economic activity during the next three months (down from 19 percent in April), while 21 percent predict a decrease in activity (compared to 18 percent last month).
Asked about incoming orders, only 22 percent expect an increase during the next three months (compared to 34 percent in April), and 21 percent expect orders to decrease (compared to 19 percent in April).
Says PMA President David Klotz: “Problems experienced throughout manufacturing in obtaining steel, aluminum and other raw materials, together with the inability to fill job openings, has begun to slow the sector’s recovery. PMA has been advocating Congress to include the JOBS and College Transparency Act in the COMPETES Act to help our industry in its efforts to attract the next generation of workers.”
See also: Precision Metalforming Association