Economy
Metalformers Remain Concerned About Business Activity
Written by Sandy Williams
June 26, 2019
The Precision Metalforming Association says metalforming companies continue to be concerned about future business conditions. The May report, sampling 100 metalforming companies, shows little change in their confidence that orders and general business activity will increase.
“PMA’s monthly Business Conditions Report reveals that metalforming manufacturers continue to show concern about business activity,” said PMA President David Klotz. “The survey results coincide with the Institute for Supply Management’s latest report showing that U.S. manufacturing activity in May fell to its lowest level in more than two years. That same report confirmed what PMA members have been reporting for several months: U.S. steel-using manufacturers are losing business to overseas competitors who are paying global market prices for steel while the United States continues to be an island of high steel prices due to the steel tariffs. Tariffs are taxes, and taxing manufacturers is not the way to grow manufacturing in this country. It’s time to terminate the Section 232 steel and aluminum tariffs.”
The report noted that current average daily shipping levels increased slightly in June compared to three months ago.
Fewer companies reported workers on short time or layoff this month—6 percent compared to 9 percent in May.
Sandy Williams
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