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
Read more from Sandy WilliamsLatest in Economy
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.
Manufacturing in New York state contracts again in May
Manufacturing activity in New York state declined for the third consecutive month, according to the May Empire State Manufacturing Survey from the Federal Reserve Bank of New York. Responding firms continue to forecast weaker business conditions in the coming months.
Chicago Business Barometer falls back in April, remains in contraction
The Chicago Business Barometer declined in April, reversing March’s gains, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)