Economy

Optimism High at Metalforming Companies

February 21, 2018

A majority of metalforming companies surveyed in the February Precision Metalforming Association Business Conditions Report expect improvement in economic activity during the next three months. The latest report showed 97 percent anticipate better conditions going forward.

“The Trump administration has shown strong leadership on important policy initiatives like tax reform and infrastructure, which give confidence to U.S. manufacturers,” said PMA President Roy Hardy. “The administration should continue its support for domestic manufacturing by resisting calls to place restrictions on steel imports, a move that would limit American manufacturers’ ability to make value-added products here at home and undermine our competitiveness around the world.”

Incoming orders are not expected to change much during the second quarter. Average daily shipping levels spiked in February, according to the report, with 55 percent of respondents reporting higher levels in February compared to 36 percent in January.

Firms reporting workforce on short time or layoff remained steady at 4 percent in February. A year ago, 10 percent of companies reported workers on short time or layoff.

February’s PMA report was based on a sampling of 116 metalforming companies in the U.S. and Canada.