Economy
Metalformers Forecast Steady Business Conditions
Written by Sandy Williams
August 24, 2017
Manufacturers in the precision metalforming sector are not expecting much change in business conditions during the next three months, although orders are expected to trend slightly downward, according to the August 2017 Precision Metalforming Association (PMA) Business Conditions Report.
Current average daily shipping levels dropped significantly in August with 28 percent reporting levels above those of three months ago, compared to 44 percent in the July report.
Only 3 percent of metal forming companies reported workforce on short time or layoff in August, compared to 5 percent in July.
“Our survey sees some softening in business conditions in the coming months, though overall the outlook remains stronger than last year at this time,” said PMA President Roy Hardy. “There is a noticeable uptick in members who believe economic activity in general, and incoming orders in particular, may be set for a small decline.”
“The administration’s delayed Section 232 review of steel imports is without question creating uncertainty and contributing to this increasingly cautious business outlook. Metalforming companies will see significant cost increases to their most essential inputs if tariffs are slapped on incoming product. We strongly urge the administration to consider the impact of its actions on small and medium-sized manufacturers across the country before it goes forward.”
The PMA report is a monthly economic indicator for manufacturing, sampling 103 metalforming companies in the United States and Canada in August.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Consumer auto delinquencies: Warning sign for consumer health?
The Consumer Federation of America estimates rising total auto debt at a staggering $1.66 trillion, along with increasing repossessions and a sharp increase in delinquencies.
Beige Book: Regional market growth remains mostly flat
Economic growth in some US regions in September was offset by challenges in others, causing the market to appear largely unchanged overall, according to the Federal Reserve’s latest Beige Book report.
ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.
Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.
Chicago Business Barometer catches cold winds of contraction in September
The Chicago Business Barometer's September reading indicates a softening in overall business activity in the Midwest for the third consecutive month, with new orders and backlogs retreating further.