Report: Metal Formers Again Predict Slower Economic Activity

CLEVELAND, Ohio – Metal forming manufacturers’ forecast for economic activity over the next three months has continued to dip, according to the June 2024 Precision Metalforming Association’s Business Conditions Report

Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 91 metal forming companies in the United States and Canada.

PMA’s June report shows that only 14% of the manufacturers responding to the survey predict an increase in economic activity in the next three months (compared with 19% in May), while 30% anticipate a decrease in activity (increasing from 26% in May). Another 56% expect no change in activity (compared with 55% last month).

Metal formers also forecast a decline in incoming orders, with only 24% of survey respondents expecting an increase in orders during the next three months (compared with 32% in May), 50% predicting no change in orders (compared with 49% last month) and 26% anticipating a decrease in orders (compared with 19% in May).

“The June survey confirms that PMA members are seeing a slowdown in economic activity, which tracks other recent reports for the manufacturing sector that are reporting a contraction in activity,” said David Klotz, PMA president. “Our members are reporting a general sense of uncertainty over industrial demand, the election outcome and whether tariffs will go up in 2025 and taxes will go up in 2026. The current environment makes it difficult for downstream companies to plan and respond to their customers’ concerns over similar uncertainties in the markets and over who will be in control of Washington after the November election.”

The full report is available HERE.

Published by The Business Journal, Youngstown, Ohio.