Economy
PMA Members Express Optimism Toward Future Business Conditions
Written by Sandy Williams
December 20, 2019
Members of the Precision Metalforming Association are a bit more positive about business conditions for 2020. The December PMA Business Conditions Report shows an uptick in the percentage of survey participants who predict an improvement in economic activity during the next three months, while also noting a decline in current average daily shipping levels. The survey showed that metalforming companies are expecting an improvement in incoming orders.
“Metalforming companies are ending a challenging year with some optimism that 2020 will bring improved conditions,” said PMA President David Klotz. “The U.S. manufacturing sector contracted this year, with the Institute of Supply Management Manufacturing Index registering its lowest level since 2009. Recent progress on a Phase 1 trade agreement with China and the United States-Mexico-Canada Agreement are positive signs that 2020 will bring more stability, but the trade restrictions that cause the most negative impact, the Section 232 steel and aluminum tariffs, remain unchanged.”
The percentage of companies reporting a portion of their workforce on short time or layoff remained unchanged from November at 15 percent. A year ago, 9 percent of companies reported workers on short time or layoff.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
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.
Chicago Business Barometer slips in October
The Chicago Business Barometer fell to a five-month low in October and continues to indicate deteriorating business conditions, according to Market News International (MNI) and the Institute for Supply Management (ISM).