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steel tariffs and are concerned about their ability to compete with companies in Europe and Asia if the tariffs are not rescinded.”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
Steel groups welcome passage of budget bill
Steel trade groups praised the passage of the Big Beautiful Bill (BBB) in Congress on Thursday.
Industry groups praise Senate for passing tax and budget bill
The Steel Manufacturers Association and the American Iron and Steel Institute applauded the tax provisions included in the Senate's tax and budget reconciliation bill.
Chicago PMI dips 0.1 points in June
The Chicago Purchasing Managers Index (PMI) slipped 0.1 points to 40.4 points, in June.
Multi-family pullback drives housing starts to 5-year low in May
US housing starts tumbled in May to a five-year low, according to figures recently released by the US Census Bureau.
Architecture firms still struggling, ABI data shows
Architecture firms reported a modest improvement in billings through May, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.