UAW Strike Has Metal Formers Losing ConfidenceSeptember 27, 2023
In a significant decline in sentiment from last month, metal forming company executives anticipate a downturn in business conditions in the coming months, according to the September 2023 Precision Metalforming Association (PMA) Business Conditions Report. Fifty percent of survey takers expect a decrease in general economic activity in the next three months (up from 29 percent in August), and only eight percent forecast an increase in activity (down 18 percent last month).
Metal formers also anticipate a decline in incoming orders, with 47 percent expecting a decrease in orders during the next three months (up from 28 percent last month, and 19 percent forecasting an increase in orders (compared to 26 percent in August).
“PMA has many members who supply the automotive sector and the prospects of a prolonged labor strike against the major automakers certainly is reflected in this month’s Business Conditions Report,” says PMA President David Klotz. “PMA members hope that both sides reach an agreement as soon as possible to avoid further disruption to the economy. I am optimistic about the resiliency of the metal forming industry. At the recently held FABTECH 2023 show in Chicago, I saw firsthand the level of business activity among the 40,000-plus manufacturers in attendance, a 26-percent increase from the previous show. I heard about sales, significant lead generation and brisk foot traffic from PMA members who exhibited at the show.”
See also: Precision Metalforming Association