Manufacturers/End Users
April 23, 2026
PMA: Outlook remains steady even as shipping levels dip
Written by Kristen DiLandro
The economic outlook by metalforming manufacturers remains steady for the next three months, said the Precision Metalforming Association (PMA).
In its April monthly report, PMA found 59% of manufacturers surveyed expect no change in general economic activity for the next three months, down from 64% in March. One-third of respondents (30%) anticipate increased activity, up from 28% last month, while 11% predict that economic activity will decrease. In March, 8% of respondents predicted activity would decrease.
Following three months of consistently rising shipping levels, 15% of metalformers surveyed for April’s report reported decreases in current average shipping levels (compared to 6% in March). However, most respondents (51%) reported increased shipping levels, up from 46% in March. Only 34% reported that shipping levels remained flat, down from 48%.
Nearly half of respondents (46%) predict their incoming orders will increase over the next three months, a slight decline from 51% in March. In addition, April’s report found 39% of respondents expect no change in incoming orders, compared with 45% in March. The remaining 15% of respondents anticipate incoming orders will decrease, up from 4% in March.
PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 82 metalforming companies in the United States and Canada.
Alongside the April report, PMA’s statement said its members are most concerned by tariff policies.
“PMA members’ near-term outlook remains relatively steady, but signs of softening in shipping levels and incoming orders suggest growing caution across the metalforming industry. Members are concerned about ongoing tariff policy, trade uncertainty, and the availability and cost of critical raw materials including steel, aluminum and copper, as well as machinery and other equipment,” PMA noted.
