CLEVELAND, Ohio — Metalforming manufacturers’ forecast for business activity during the next three months took a slight dip, according to the October 2024 Precision Metalforming Association Business Conditions Report.
Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 98 metalforming companies in the United States and Canada.
PMA’s October report shows that 37% of the manufacturers responding to the survey predict a decrease in economic activity (compared to 31% last month), 13% anticipate an increase in activity (down from 15% in September) and 50% expect no change in activity in the next three months (compared to 54% in September).
Metalformers’ forecast for incoming orders was little changed from the previous month, with 24% of survey respondents expecting an increase in orders during the next three months (compared to 26% in September), 42% predicting no change in orders (the same percentage reported last month) and 34% anticipating a decrease increase in orders (compared to 32% in September).
Current average daily shipping levels in October trended downward with only 10% of survey respondents reporting an increase in shipping levels (compared to 19% in September), 57% reporting no change (compared to 45% last month) and 33% reporting a decrease in levels (down from 36% last month).
The survey also showed that 12% of respondents reported a portion of their workforce on short time or layoff in October (up from only 5% reported in September), while 29% reported that they are currently expanding their workforce (down from 34% last month). Nine percent of metalforming companies reported an increase in lead times in October (compared to 10% in September).
“Metalformers are approaching the next three months with increased caution, partly due to uncertainty surrounding the upcoming presidential election and Congress’s delay in reinstating key tax incentives,” said PMA President David Klotz. “That said, I just returned from FABTECH in Orlando, where initial concerns about the impact of two hurricanes were quickly dispelled. Attendance was strong, with 32,000 attendees, and our METALFORM area featured nearly 250 booths. Reports indicated brisk lead generation and even some on-the-spot sales. Overall, the show was very positive, and the capital-equipment market continues to be very strong, which is a good sign.”
Full report results are available at pma.org.
