PMA Business Conditions Report: Metal Formers Express Concern
June 24, 2022Comments
The June 2022 Precision Metalforming Association (PMA) Business Conditions Report reveals continued concern by metal forming executives regarding business conditions. Thirty-five percent of metal forming companies forecast a decrease in general economic activity during the next three months, up from 21 percent in May, while only 15 percent predict an increase in activity, down slightly from 16 percent last month.
Also in decline: predictions for incoming orders, with 19 percent of survey respondents expecting an increase in incoming orders during the next three months, down from 22 percent in May, while 30 percent anticipate a decrease in orders, up from 21 percent in May.
“PMA’s June Business Conditions Report reflects the supply-chain disruptions impacting our members, particularly those supplying the automotive industry,” says PMA President David Klotz. “There are bright spots though, with members who support the capital equipment industry and those who manufacture parts for the medical and appliance industries, for example, reporting high demand and brisk business activity.
“However, nearly all of our members report continued challenges in obtaining steel, aluminum and other raw materials,” continues Klotz, “along with the inability to fill job openings. PMA members are looking forward to testifying next month at a hearing of the U.S. International Trade Commission on how the Section 232 steel and aluminum tariffs affected U.S. industries so that policymakers can hear firsthand the problems experienced by manufacturers trying to source steel and aluminum at globally competitive prices.”
See also: Precision Metalforming Association
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