Economy

PMA Members Predicting Decline in Business

November 26, 2018

Metalforming firms are expecting a decline in business conditions and new orders during the next three months, according to the November 2018 Precision Metalforming Association (PMA) Business Conditions Report. The PMA is a monthly economic indicator for manufacturing, sampling 122 metalforming companies in the United States and Canada.

Current average shipping levels were steady in November. Firms with a portion of their workforce on short time or layoff increased to 6 percent from 2 percent in October and just 1 percent in November of 2017.

“While metalforming companies have proven resilient in the face of steel and aluminum tariffs, longer lead times and price spikes for these essential commodities are beginning to hurt our members as reflected by the significant jump in survey respondents who are predicting a decline in business,” said PMA President Bill Gaskin. “This is the reason that PMA is active in Washington, D.C., and with local and national media outlets to educate the Trump administration and others about the damage that is being done to steel- and aluminum-using manufacturers. The Section 232 tariffs should be terminated as quickly as possible.”