August PMA Survey: Metal Formers Concerned, but Report No Change in Shipping Levels

Metal forming manufacturers’ forecast for general economic activity during the next three months dipped this month, according to the August 2024 Precision Metalforming Association (PMA) Business Conditions Report. It shows that 47% of responding manufacturers expect no change in economic activity (down from 61% last month), 38% anticipate a decrease in activity in the next three months (compared to 27% in July) and 15% predict an increase in activity (compared to 12% in July).

Metal formers’ forecast for incoming orders was little changed from the previous month, with 26% of survey respondents expecting an increase in orders during the next three months (compared to 24% in July), 46% predicting no change in orders (compared to 52% last month) and 28% anticipating a decrease increase in orders (compared to 24% in July).

Current average daily shipping levels in the August survey were unchanged from the previous month with 48% of survey respondents reporting no change in shipping levels (compared to 46% in July), 40% reporting a decrease in levels (the same percentage reported in July) and 12% reporting an increase in levels (down from 14% last month).

“The August report shows that metal forming manufacturers are facing similar economic headwinds as businesses in other segments of the manufacturing sector,” says David Klotz, PMA president. “The failure of Congress to date to pass the Tax Relief for American Families and Workers Act that that would have reinstated R&D expensing and bonus depreciation continues to be a missed opportunity to help boost the sector. PMA encourages the Senate to take up the bill again after the August recess.” 

See also: Precision Metalforming Association

Technologies: Management

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