Economy
Optimism High at Metalforming Companies
Written by Sandy Williams
February 21, 2018
A majority of metalforming companies surveyed in the February Precision Metalforming Association Business Conditions Report expect improvement in economic activity during the next three months. The latest report showed 97 percent anticipate better conditions going forward.
“The Trump administration has shown strong leadership on important policy initiatives like tax reform and infrastructure, which give confidence to U.S. manufacturers,” said PMA President Roy Hardy. “The administration should continue its support for domestic manufacturing by resisting calls to place restrictions on steel imports, a move that would limit American manufacturers’ ability to make value-added products here at home and undermine our competitiveness around the world.”
Incoming orders are not expected to change much during the second quarter. Average daily shipping levels spiked in February, according to the report, with 55 percent of respondents reporting higher levels in February compared to 36 percent in January.
Firms reporting workforce on short time or layoff remained steady at 4 percent in February. A year ago, 10 percent of companies reported workers on short time or layoff.
February’s PMA report was based on a sampling of 116 metalforming companies in the U.S. and Canada.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Beige Book finds growing economic, policy uncertainty
All districts reported "hesitancy and a cautious approach to business and household decisions,” according to the Beige Book.
ISM: Manufacturing continues to contract in May
May marks the third consecutive month US manufacturing activity declined, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Chicago PMI decreases 4.1 points in May
The Chicago Business Barometer reports that decreases in new orders, order backlogs, and softer production pulled the index down by 4.1-points to 40.5, in May.
Architecture firms struggle through April
For the third month in a row, architecture firms reported a reduction in billings through April, according to the latest Architecture Billings Index release.
House committee blocks GOP budget proposal
The budget proposal has big implications for steel and manufacturing.