Economy

Metalformers expect steady conditions in coming months

July 26, 2024

Metalformers in the US and Canada expect steady economic activity over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).

Approximately 61% of surveyed manufacturers expect stable business conditions over the next three months. This rate is up from 56% in June and 55% in May. Only 12% expect conditions to improve in the near future, down from 14% last month and 19% in May.

“The July PMA Business Conditions Report reflects the resiliency of our members and their ability to navigate through these uncertain times,” said PMA President David Klotz. “I am energized by the innovation and determination of our members to continue to compete in the global market and grow their businesses.”

Over half of respondents anticipate incoming orders to be steady through October (56%), with the remainder split on whether orders will increase or decrease.

The PMA comprises more than 900 member companies in the metalforming industry, as well as equipment, materials, and service providers to the industry. Its monthly business report serves as an economic indicator for manufacturing for the next three months.

Brett Linton

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.