CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

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CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

Metalformers predict consistent economic activity through summer

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The majority of North American metalformers (55%) expect no change in general economic activity over the next three months, according to PMA's monthly survey. PHOTO courtesy Universal Robot.

It’s steady as she goes for North American metalforming companies through the summer.

Metalforming companies’ predictions for business conditions in July were virtually unchanged from the previous month, with a majority of companies predicting no change in general economic activity in the coming months, according to the July 2023 Precision Metalforming Association (PMA) Business Conditions Report.

Prepared monthly, the report provides an economic indicator for the next three months of manufacturing, sampling 116 metalforming companies in the United States and Canada.

PMA’s July report shows that 55% of metalforming companies expect no change in general economic activity in the next three months (compared to 58% in June), 34% predict a decrease in activity (compared to 32% in June) and 11% forecast an increase in activity (compared to 10% last month).

There also was little change in metalformers’ anticipation of incoming orders, with 18% of survey respondents expecting an increase in orders during the next three months (compared to 20% in June), 46% predicting no change (compared to 44% last month) and 36% forecasting a decrease in orders (the same percentage reported in June).

Following a rebound in current average daily shipping levels last month, shipping levels dipped in July. Only 19% of responding companies reported an increase in shipping levels (down from 27% in June), 53% reported no change (compared to 52% last month) and 28% reported a decrease (up from 21% in June).

“Metalforming manufacturers’ reporting of business activity remains consistent, despite rising costs, and ongoing challenges with supply-chain disruptions and finding workers,” said PMA President David Klotz.

Lead times decreased for the third straight month in July, with 7% of metalforming companies reporting an increase in lead times (compared to 10% in June). Only 5% of companies had a portion of their workforce on short time or layoff in July (down from 10% in June), while 42% of companies are currently expanding their workforce (compared to 46% last month).

Full report results are available at https://www.pma.org/public/business_reports/pdf/BCREP.pdf.

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