Economy
Metalformers Expect Improved Business Conditions
Written by Sandy Williams
June 15, 2020
Metalforming companies are finally feeling optimistic about the economy and business conditions. After a difficult several months under the coronavirus pandemic, the June 2020 Precision Metalforming Association Business Conditions Report found 53 percent of survey respondents expect economic activity to improve in the next three months, up from 22 percent in May.
A spike in new orders is also in the forecast, according to 57 percent of participants, an increase from just 14 percent in May.
“The optimism reflected in PMA’s June Business Conditions Report likely stems from the lifting of stay-at-home orders in many states and the resiliency of our members,” said PMA President David Klotz. “PMA members are working to overcome the significant challenges created by COVID-19, continuing or restarting operations while protecting the safety of their employees.”
Average daily shipping levels stayed steady in June. Forty-three percent of metalforming companies reported a portion of their workforce on short time or layoff, down from 50 percent in May.
“The legislation passed by Congress included provisions supported by PMA such as extending the term for loan forgiveness,” added Klotz. “This will allow our members and other manufacturers to have more time to rehire workers.”
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Steel groups welcome passage of budget bill
Steel trade groups praised the passage of the Big Beautiful Bill (BBB) in Congress on Thursday.
Industry groups praise Senate for passing tax and budget bill
The Steel Manufacturers Association and the American Iron and Steel Institute applauded the tax provisions included in the Senate's tax and budget reconciliation bill.
Chicago PMI dips 0.1 points in June
The Chicago Purchasing Managers Index (PMI) slipped 0.1 points to 40.4 points, in June.
Multi-family pullback drives housing starts to 5-year low in May
US housing starts tumbled in May to a five-year low, according to figures recently released by the US Census Bureau.
Architecture firms still struggling, ABI data shows
Architecture firms reported a modest improvement in billings through May, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.