CLEVELAND, OH—October 22, 2026—A majority of metalforming manufacturers anticipate no change in general economic activity in the next three months, but a growing percentage anticipate a decline, according to the October 2026 Precision Metalforming Association (PMA) Business Conditions Report. Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 80 metalforming companies in the United States and Canada.
PMA’s October report shows that over the next three months, only 15% of metalformers expect an increase in general economic activity (down from 24% in September), 57% predict no change in activity (the same as last month), and 28% forecast a decrease (up significantly from 19% in September).
The report also shows 30% of survey respondents are anticipating an increase in orders (compared to 29% in September), 41% expecting no change in orders (down from 48% in September) and 29% predicting a decrease in orders (compared to 23% in September).
Current average daily shipping levels shifted in October, with 44% of survey participants reporting an increase (up from 36% in September), while 26% reported a decrease (compared to 18% in September) and 30% reported no change (compared to 46% in September).
Workforce indicators remained relatively steady in October, as 51% of companies reported expanding their workforce (compared to 49% in September), while 3% reported workers on short time or layoff, down from 6% last month. However, lead times lengthened for the fourth consecutive month, with 35% of respondents reporting longer lead times, up from 31% in September.
“While this month’s survey reflects increased caution about the near-term economic outlook, the energy and investment on display at FABTECH this week tell a broader story about our industry’s resilience,” said PMA Managing Director Mark Getsay. “More than 31,000 manufacturing professionals have come together in Las Vegas at FABTECH to explore innovations from 1,400 exhibitors across more than 700,000 square feet of exhibit space. That level of engagement demonstrates metalformers’ continued commitment to investing in new technologies, developing their workforce and strengthening their competitiveness for the future.”
Full report results are available at https://surveys.pma.org/public/business_reports/pdf/BCREP.pdf.
PMA is the full-service trade association representing the $137-billion metalforming industry of North America—the industry that creates precision metal products using stamping, fabricating, spinning, slide forming and roll forming technologies, and other value-added processes. Its more than 1,100 member companies also include suppliers of equipment, materials and services to the industry. PMA leads companies toward superior competitiveness and profitability through advocacy, networking, statistics, the PMA Educational Foundation, FABTECH tradeshows and MetalForming magazine.