More than Half of Metal Formers Forecast No Change in Business Conditions AheadNovember 19, 2020
According to the just-released November 2020 Precision Metalforming Association (PMA) Business Conditions Report, 51 percent forecast of the metal forming companies polled expect no change in economic activity through the next three months (compared to 58 percent in October); 19 percent expect a decline in economic activity (compared to 12 percent in October); and 30 percent anticipate an improvement in activity (the same percentage reported in October).
The survey also reveals that 39 percent of metal formers forecast an increase in orders over the next three months (a decrease from 49 percent in October), with 44 percent predicting no change (compared to 40 percent last month), and 17 percent anticipating a decrease in orders (compared to 11 percent in October).
“The economic downturn caused by the COVID-19 pandemic continues to impact metal forming manufacturers,” says PMA President David Klotz. “Our members continue to show their resiliency, but face significant challenges. Congress and the White House should help by agreeing to another economic-stimulus package during the upcoming congressional lame-duck session that gives manufacturers access to long-term low-interest loans to purchase raw materials and equipment, provides business-liability protection as they follow government guidelines, enables an immediate claim of General Business Credits, and expands the Employee Retention Credit to Small Business Administration’s Paycheck Protection Program (PPP) recipients.”
See also: Precision Metalforming Association