Shipping Levels Rebound, Most Metal Formers Predict Consistent Economic ActivityJune 27, 2023
Metal forming companies anticipate little change in business conditions during the next three months, according to the June 2023 Precision Metalforming Association (PMA) Business Conditions Report. About one-third (32 percent) predict a decrease in activity, down from 35 percent in May, and 10 percent forecast an increase in activity, compared to 11 percent last month.
There also is little change in metal formers’ anticipation of incoming orders, with 20 percent of survey respondents expecting an increase in orders during the next three months (compared to 21 percent in May), and 36 percent forecasting a decrease in orders, up from 34 percent in May.
However, current average daily shipping levels rebounded in June, with 27 percent reporting an increase in shipping levels, up from 15 percent in May, and only 21 percent reporting a decrease, down from 36 percent in May.
“Metal forming manufacturers continue to persevere despite rising costs, supply-chain disruptions and the ongoing challenge to find workers,” says PMA President David Klotz. “PMA continues to urge Congress to support domestic manufacturing through funding workforce development programs, instituting trade policies that take into consideration consuming industries and addressing important tax policies such as reinstating R&D expensing. In a recent survey of manufacturers that included our members, 27 percent reported that they will reduce their R&D activities if Congress does not fix this.”
See also: Precision Metalforming Association
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