Steel Product Producers
Metalformers see economic activity holding steady
Written by Stephanie Ritenbaugh
January 23, 2025
Most manufacturers expect economic activity to hold steady in the next three months, according to the latest report from the Precision Metalforming Association.
PMA’s January report shows that 54% expect no change in activity, up from 49% in December. However, the percentage of manufacturers who are optimistic about the next three months rose by 5% to 35%. The remaining 11% anticipate a decrease in activity, down from 21% in December.
“Our members are optimistic that the new administration and congress will take steps to strengthen domestic manufacturing, reduce unnecessary regulations, and reinstate important business tax incentives that encourage research and development and capital equipment purchases,” PMA President David Klotz said in a statement.
“PMA’s advocacy team in Washington, D.C., is urging policymakers to avoid adopting a tariff policy that protects only one part of the supply chain at the expense of downstream users, as a true economic revitalization must support both upstream and downstream manufacturing industries.”
PMA’s monthly report provides an economic indicator for the next three months of manufacturing, sampling 107 metalforming companies in the United States and Canada.
Manufacturers also forecast a spike in incoming orders. Almost half (49%) expect an increase in orders during the next three months, while 38% predict no change, and the small remainder expect a drop.
As for labor, the survey showed no change month over month in the percentage of respondents reporting a portion of their workforce on short time or layoff (12%), the percentage expanding their workforce (24%), and the percentage reporting an increase in lead times (5%).
Stephanie Ritenbaugh
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