OEMs

Metalformers optimistic for early 2024

Written by Becca Moczygemba

November 29, 2023

Optimism is on the rise among metalformers who expect less volatility in economic activity in the coming months, according to the November business report from the Precision Metalforming Association (PMA).

Almost half of surveyed metalforming companies expect no changes in general business conditions in the next three months, the PMA report said. Still, 42% forecast a decrease in activity, while 9% anticipate an increase.

The November report also showed that metalformers expect to see a plateau in incoming orders, with 45% of survey respondents anticipating no change in orders in the coming three months. However, 38% predict a decrease in orders, while 17% expect an increase.

“The November PMA Business Conditions Report reflects PMA members’ optimism that the end of the United Auto Workers (UAW) labor strike against Ford, GM, and Stellantis will mean more stability in the sector,” said PMA President David Klotz.

Klotz noted that most survey respondents anticipate no change or an improvement in business conditions. This is a boost in sentiment following two months of pessimism in survey replies.

The PMA is a trade association representing stampers, fabricators, roll formers, and other value-added processors. Its monthly Business Conditions Report samples 108 metalforming companies in the US and Canada, and serves as an economic indicator for manufacturing.

Becca Moczygemba

Becca Moczygemba is a reporter and editor for Steel Market Update. She has been in the steel industry since 2017, specializing in flat-rolled products. Prior to joining SMU, she held positions at Mitsui & Co. and Kloeckner Metals. Becca has a BA in Organizational/Corporate Communication from the University of Houston and an MBA from Norwich University. Contact Becca at becca@steelmarketupdate.com or 724-720-1000.

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