PMA Report: Average Daily Shipping Levels Continue to SlideAugust 25, 2022
Metalforming companies expect business conditions to remain relatively unchanged during the next three months, according to the August 2022 Precision Metalforming Association (PMA) Business Conditions Report. About half (52 percent) of metal forming companies anticipate no change in general economic activity during the next three months, compared to 48 percent in July, and only 11 percent forecast an increase in activity, down from 15 percent in July.
The report also shows little change in expectations for incoming orders--17 percent of survey respondents forecast an increase in incoming orders during the next three months, compared to 20 percent in July, and 34 percent expect a decrease in orders, compared to 32 percent in July.
Current average daily shipping levels dropped for the fourth consecutive month, with 30 percent of respondents reporting a decrease, up from 28 percent in July. Only 19 percent reported an increase, compared to 28 percent in July.
“While PMA’s August Business Conditions Report shows little change in overall conditions, metal formers have reported a drop in daily shipping levels for four consecutive months,” says PMA President David Klotz. “This reflects continued supply-chain challenges throughout the manufacturing sector. PMA’s advocacy team in Washington, D.C., continues to press our elected leaders and policymakers to act. PMA recently lobbied successfully for the inclusion of more than $800 million for “Mfg USA Institutes,” and tripled the funding for Manufacturing Extension Partnerships in the CHIPS and Science Act of 2022 passed by Congress this month. These are the types of programs that will help keep manufacturing in the United States and help the sector grow.”
See also: Precision Metalforming Association