CLEVELAND, OH—September 24, 2024—Metalforming manufacturers’ outlook is cautious heading into the final quarter of 2024, while shipping levels rose moderately, according to the September 2024 Precision Metalforming Association (PMA) Business Conditions Report. Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 91 metalforming companies in the United States and Canada.

PMA’s September report shows that 54% of the manufacturers responding to the survey expect no change in economic activity in the next three months (up from 47% last month), 31% forecast a decrease in activity (compared to 38% in August) and 15% anticipate an increase in activity (the same percentage reported in August).

 

Metalformers’ forecast for incoming orders also was little changed from the previous month, with 26% of survey respondents expecting an increase in orders during the next three months (the same percentage reported in August), 42% predicting no change in orders (compared to 46% last month) and 32% anticipating a decrease increase in orders (compared to 28% in August).

Current average daily shipping levels in September rose slightly with 19% of survey respondents reporting an increase in shipping levels (compared to 12% in August), 45% reporting no change (compared to 48% last month) and 36% reporting a decrease in levels (down from 40% last month). 

The survey also showed that 5% of respondents reported a portion of their workforce on short time or layoff in August (down from 10% reported in August), while 34% reported that they are currently expanding their workforce (compared to 30% last month). Ten percent of metalforming companies reported an increase in lead times in September (compared to 6% in August).

“PMA members continue to face challenges but have remained remarkably resilient during turbulent times marked by supply-chain challenges, high interest rates and the failure of Congress to reinstate important tax provisions,” said PMA President David Klotz. “According to the September Business Conditions Report, the majority of metalforming manufacturers are expecting business conditions to remain stable, but more than 30% expressed concerns about a potential slowdown in activity. This data reflects the sentiment I’ve been hearing during my travels to member companies and to local PMA district events: members have expressed that business is either flat or down. The ongoing strike at Boeing could impact our members who supply to the aviation sector, and we are also keeping track of a potential strike at U.S. East and Gulf Coast ports that could cause supply-chain disruptions.”

Full report results are available at https://www.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 900 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.