A Rocky Summer for Metal Formers?

Metal forming manufacturers’ predictions for economic activity over the next three months fell heading into the summer months, according to the May 2024 Precision Metalforming Association (PMA) Business Conditions Report. The report finds that 19% of the manufacturers responding to the survey forecast an increase in economic activity in the next three months, down from 21% in April, while 26% anticipate a decrease in activity, up from 12% in April.

Metal formers, meanwhile, predict little change in incoming orders, with 49% of survey respondents expecting no change in orders during the next three months, 32% forecasting an increase in orders (down slightly compared to 33% in April), and 19% anticipating a decrease in orders, up from 13% in April.

“For most of this year, metal formers’ expectations for business conditions were fairly steady, but this month’s survey shows that members increasingly are concerned with a slowdown in the economy, trade conflicts that could further increase the costs of important inputs including steel and aluminum, and a lack of progress on the tax package in Congress,” says PMA president David Klotz. “The Senate should pass The Tax Relief for American Families and Workers Act to restore immediate expensing for R&D costs and bonus depreciation, to help U.S. manufacturing’s competitiveness and innovation.”

See also: Precision Metalforming Association

Technologies: Management

Subscribe to the Newsletter

Start receiving newsletters.