Economy
Metalforming Companies Optimistic About Q1
Written by Sandy Williams
January 29, 2020
Metalforming companies are optimistic about business conditions for the first quarter of 2020. The January survey from the Precision Metalforming Association shows 32 percent of participants expect an improvement in economic activity during the next three months, up from 20 percent in December. The majority, 55 percent, forecast no change in activity, an increase of 1 percent from last month. Forty-three percent of firms in the survey expect an uptick in new orders.
“Metalforming companies are beginning the year with some optimism that 2020 will bring improved conditions,” said PMA President David Klotz. “The approval of the United States-Mexico-Canada Agreement and an easing of trade tensions with China are positive signs that 2020 will bring more stability. For many PMA members, the challenge of finding and training workers to fill job openings remains.”
Current average daily shipping levels improved in January. The number of firms reporting workforce on layoff or short time dropped to 13 percent from 15 percent in December. In January 2018, only 8.0 percent of participating companies reported workers on short time or layoff.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Beige Book: Tariff pressures mount, flat outlook
All districts reported “experiencing modest to pronounced input cost pressures related to tariffs, especially for raw materials used in manufacturing and construction.”
Steel exports recovered in May but still historically low
US steel exports rose 10% from April to May but remained low compared to recent years. This came just one month after exports fell to the lowest level recorded in nearly five years.
AISI: Raw steel production ticks up near recent high
The volume of raw steel produced by US mills inched higher last week, according to the American Iron and Steel Institute (AISI). After steadily increasing in April and May, domestic mill output stabilized in early June and has remained historically strong since.
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.