Survey: Metal Formers Steadying their Ships
July 25, 2024Comments
The economic forecast by metal forming companies for the next three months has steadied after dipping during the last few months, according to the July 2024 Precision Metalforming Association (PMA) Business Conditions Report. The July report finds that 27% of those surveyed expect a decrease in activity, down from 30% last month; 61% predict no change in economic activity, up from 56% in June; and 12% anticipate an increase in activity, down slightly from 14% in June.
Metal formers also forecast steady incoming orders, with 24% expecting an increase in orders during the next three months, the same percentage reported in June, and 24% anticipating a decrease increase in orders, down from 26% in June. However, current average daily shipping levels declined in July, with 40% reporting a decrease in shipping levels, compared to 29% last month, and only 14% reporting an increase in shipping levels, down from 25% in June.
“The July PMA Business Conditions Report reflects the resiliency of our members and their ability to navigate through these uncertain times,” says David Klotz, PMA president. “With the election upheaval, continued stalled progress on Capitol Hill in passing the Tax Relief for American Families and Workers Act that would reinstate R&D expensing and bonus depreciation, and continued threats of higher tariffs on key inputs in 2025, I am energized by the innovation and determination of our members to continue to compete in the global market and grow their businesses.”
See also: Precision Metalforming Association
Technologies: Management
