Economy
Near-Term Economic Activity Remains Stable: PMA
July 28, 2023
Most metal formers predict business conditions will remain stable over the next three months, according to the July 2023 Precision Metalforming Association (PMA) Business Conditions Report.
PMA’s July report said that 55% of the metal-forming companies the association surveyed expect no change in general economic activity in the next three months vs. 58% in June. Thirty-four percent see a fall in activity compared with 32% a month earlier, and 11% predict a rise in activity, up marginally from 10%.
“Metalforming manufacturers’ reporting of business activity remains consistent, despite rising costs, and ongoing challenges with supply-chain disruptions and finding workers,” PMA president David Klotz said in a statement on July 25.
“Our members are pleased that the House Ways and Means Committee recently approved a tax bill that included many of PMA’s priorities to boost US manufacturing competitiveness,” he added.
Other notable data include these: 18% survey respondents expect in increase incoming orders, a modest decrease from 20% in June. Forty-six percent predicted no change vs. 44% a month earlier, and 36% forecast a decrease, the same result as in June.
As for shipping levels, 19% reported a rise, down from 27% in June; 53% reported no change, nearly even with 52% a month earlier; and 28% reported a decline, up from 21%.
Lead times decreased for the third straight month in July, PMA said. Only 7% of metal-forming companies reported increased lead times compared to 10% in June.
The report is prepared monthly, according to PMA, and provides an economic indicator for the next three months of manufacturing. It samples 116 metal-forming companies in the US and Canada.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Economy
Architecture billings continued to slide in February
Architecture firms said billings continued to weaken in February, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek. The February ABI dropped slightly to 45.5, off from 45.6 in January, indicating that a majority of firms are still experiencing declining firm billings. It’s the first time […]
New York state manufacturing activity tumbles in March
After a modest recovery in February, business activity in New York state’s manufacturing sector declined sharply in March, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
Steel, manufacturing, and union groups divided on S232 tariffs
Domestic steel trade associations, manufacturing groups, and the United Steelworkers (USW) union had mixed reactions to the implementation of new Section 232 tariffs without exclusions on Wednesday. Trade groups representing steel mills broadly supported President Trump’s actions, while the USW and some groups representing manufacturers were more critical. AISI Kevin Dempsey, president and CEO of […]
CRU: Will US tariff policy be transactional or transformational?
The Trump 1.0 tariffs appeared to have little positive effect on the US manufacturing, partly because they hurt export competitiveness.
Beige Book finds mixed demand trends, tariff concerns
Manufacturing activity exhibited slight to modest increases across a majority of districts. However, manufacturers expressed concerns over the potential impact of looming trade policy changes between late January and February.