Economy
PMA: Metalforming Companies Optimistic About Q1
Written by David Schollaert
January 28, 2022
The next three months look favorable for metalforming companies, according to the January 2022 Precision Metalforming Business Conditions Report. Only 7% of companies predict a decrease in economic activity during the period, down from 16% in December.
The report shows that 37% of metalforming companies anticipate an increase in activity, up from 27% in the previous month. And 56% expect no change, down slightly from 57% in December.
The percentage of respondents reporting an increase in lead times dropped to 46% in January from 50% last month, while average daily shipping levels rose slightly in January. More importantly, metalformers are bullish in regard to new orders, as they expect an improvement during the next three months.
“‘Perseverance’ is a word that defines PMA members,” PMA President David Klotz said. “Despite the challenges of raw material shortages, supply chain disruptions, workforce retention issues and, of course, a global pandemic, our members continue to manufacture the products and parts needed to keep the economy moving.”
Companies with a portion of their workforce on short time or layoff in January was 4%, up slightly from 2% the month prior.
“Members are beginning the year with optimism for our industry and the economy. Hopefully, our elected leaders in Washington, D.C., will enact policies that grow our manufacturing base and help our members continue to provide jobs and economic benefits to local communities across the country,” Klotz said.
About the report: The Precision Metalforming Association’s monthly report provides an economic indicator for manufacturing, sampling 111 metalforming companies in the United States and Canada.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
Read more from David SchollaertLatest 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.