Economy
PMA: Business Activity to Remain Steady
Written by Sandy Williams
September 29, 2018
Members of the Precision Metalforming Association are expecting business conditions to remain steady for the rest of the year. A survey of 110 metalforming companies in the U.S. and Canada showed 28 percent of participants believe economic activity will improve, 62 percent expect no change (same as last month) and 10 percent expect a decline in activity. Incoming orders are expected to remain at current levels.
Average daily shipping levels increased during September with 53 percent reporting shipping levels as higher compared to 32 percent in August. Levels were perceived as unchanged by 34 percent versus 44 percent in August, and 13 percent reported a decrease in shipping levels, down from 24 percent.
“Our members remain resilient, as evidenced by little change in their outlook for economic activity and incoming orders month to month,” said PMA President Roy Hardy. “However, members also continue to report higher steel prices and longer lead times as a result of the Section 232 steel tariffs and are concerned about their ability to compete with companies in Europe and Asia if the tariffs are not rescinded.”
Only 3 percent of metalforming companies reported a workforce on short time or layoff, down from 4 percent in August and 4 percent a year ago.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Architecture billings flat in October after months of contraction
Architecture firms reported stable billings in October, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek. This follows 20 months of contracting business conditions.
Trump taps Lutnick to be Commerce Secretary
President-elect Donald Trump has named Wall Street veteran Howard Lutnick as the new US Secretary of Commerce.
New York state manufacturing activity ramps up to multi-year high
New York state’s manufacturing sector saw substantial recovery in November, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
CRU: Dollar and bond yields rise, metal prices fall as Trump wins election
Donald Trump has won the US presidential election. The Republican party has re-taken control of the Senate. Votes are still being counted in many tight congressional races. But based on results so far, the Republicans seem likely to maintain control of the House of Representatives. If confirmed, this will give Trump considerable scope to pass legislation pursuing his agenda. What this means for US policy is not immediately obvious. Trump will not be inaugurated until Jan. 20. In the coming weeks and months, he will begin to assemble his cabinet, which may give a clearer signal on his policy priorities and approaches. Based on statements he made during the presidential campaign, we have set out the likely direction of his economic policy here and green policy here.
ISM: Manufacturing index fell in Oct to lowest point of ’24
Domestic manufacturing contracted for the seventh straight month in October, according to the latest report from the Institute for Supply Management (ISM). This marks the 23rd time in the last 24 months that it has been in contraction.