Business Conditions Steady as She Goes
July 25, 2023Comments
Metal forming companies’ predictions for business conditions remained virtually unchanged from the previous month, with most company managers predicting no change in general economic activity in the coming months, according to the July 2023 Precision Metalforming Association (PMA) Business Conditions Report. Per the July report, 55 percent of metal forming company execs expect no change in general economic activity in the next three months (compared to 58 percent in June), 34 percent predict a decrease in activity (compared to 32 percent in June) and 11 percent forecast an increase in activity (compared to 10 percent last month).
Regarding incoming orders, 18 percent expect orders to increase during the next three months (compared to 20 percent in June) and 36 percent forecast a decrease in orders, the same percentage reported in June.
“Metal formers’ reporting of business activity remains consistent, despite rising costs, ongoing challenges with supply-chain disruptions and difficulty finding workers,” says PMA President David Klotz. “Our members are pleased that the House Ways and Means Committee recently approved a tax bill that included many of PMA’s priorities to boost U.S. manufacturing competitiveness: restoring R&D expensing and reversing the Section 174 capitalization, amortization requirement retroactive to January 1, 2022; restoring 100=percent bonus depreciation from 80 percent retroactive to Jan 1, 2023; full EBITDA for 163j business loan interest deduction retroactive to Jan 1, 2023; and doubling Section 179 small-business expensing to $2.5 million. We urge the full House and the Senate to include these provisions in any legislative tax package passed by Congress.”
See also: Precision Metalforming Association
Technologies: Management
