One-Fourth of Metal Formers Predict Order Uptick Through Q1 2023January 23, 2023
Eleven percent of metal forming companies predict an increase in general economic activity during Q1, up slightly from 10 percent in December, according to the January 2023 Precision Metalforming Association (PMA) Business Conditions Report. The report shows that 30 percent anticipate a decrease in activity, down from 33 percent in December.
The report also reveals that 25 percent of respondents forecast an increase in incoming orders during the next three months, up notably from 15 percent in December, while 26 percent predict a decrease in orders, down from 34 percent in December.
However, current average daily shipping levels declined for the fourth consecutive month in January, with 43 percent of respondents reporting a decrease in shipping levels, up from 39 percent in December, and 15 percent reporting an increase, down from 19 percent in December.
“The responses in PMA’s first Business Conditions Report of 2023 are consistent with what I have been hearing from PMA members during my visits to their facilities throughout the country,” says PMA president David Klotz. “Metal formers still are experiencing supply-chain challenges and facing difficulties finding employees. They also are concerned that Congress allowed important tax provisions to expire, including full expensing for Research and Development and not extending 100-percent bonus depreciation prior to January 1, 2023. PMA’s advocacy team in Washington, D.C., continues to work with Congress on passage of these important provisions.”
See also: Precision Metalforming Association
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