Business Conditions Report: Not Much Optimism
June 28, 2024Comments
Metal forming manufacturers’ forecast for economic activity over the next three months continues to dip, according to the June 2024 Precision Metalforming Association (PMA) Business Conditions Report. PMA’s June report reveals that only 14% of those responding to the survey predict an increase in economic activity during the next three months, down from 19% in May, while 30% anticipate a decrease in activity, up from 26% in May.
Also forecast: a decline in incoming orders, with only 24% of survey respondents expecting an increase in orders during the next three months, down from 32% in May, and 26% anticipating a decrease increase in orders, up from 19% in May.
“PMA members are seeing a slowdown in economic activity,” says PMA president David Klotz. “Our members are reporting a general sense of uncertainty over industrial demand, the election outcome, and whether tariffs will increase in 2025 and taxes will rise in 2026. The current environment makes it difficult for downstream companies to plan and respond to their customers’ concerns over similar uncertainties in the markets, and over who will be in control of Washington after the November election.”
See also: Precision Metalforming Association
Technologies: Management
