More than One-Third of Metal Formers Expect Business Conditions to ImproveDecember 23, 2020
Metal forming companies anticipate little change in business conditions during the next three months, according to the December 2020 Precision Metalforming Association (PMA) Business Conditions Report. The report shows that 34 percent of metal forming companies expect an improvement in economic activity during the next three months, up from 30 percent in November, while 49 percent forecast no change, compared to 19 percent in November.
“Metal forming manufacturers are showing resiliency during the COVID-19 pandemic, but finding workers continues to be a challenge despite the high unemployment rate,” says PMA President David Klotz. “In addition, members are experiencing supply-chain problems that are causing low steel inventories as supply tightens. PMA is pleased that Congress has passed a COVID-relief package that includes many of our members’ priorities, including funding to allow small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan, and allowing deductions of expenses paid with proceeds of a forgiven PPP loan. Congratulations to PMA’s One Voice for Manufacturing advocacy team for working diligently to ensure that provisions important to manufacturers were included in the bill.”
Access the full December report here.
See also: Precision Metalforming Association