CLEVELAND, OH—May 22, 2025—Metalforming manufacturers’ outlook for economic activity in May was unchanged from April, after declining the three previous months, according to the May 2025 Precision Metalforming Association (PMA) Business Conditions Report. Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 90 metalforming companies in the United States and Canada.

PMA’s May report shows that 16% of surveyed manufacturers anticipate an increase in general economic activity in the next three months (the same percentage reported in April), 46% predict no change in activity (compared to 47% in April) and 38% expect a decrease in activity (compared to 37% last month).

However, metalformers predict a drop in incoming orders, with 34% of survey respondents anticipating a decline in orders in the next three months (compared to 26% in April), 44% expecting no change (compared to 47% last month) and 22% forecasting an increase in orders (down from 27% reported in April).

Current average daily shipping levels also declined in May, with only 30% reporting an increase in shipping levels (down from 44% in April), 42% reporting no change (compared to 41% last month) and 28% reporting a decrease in levels (up from 15% in April). 

The survey also showed that 9% of respondents had workers on short time or layoff in May (up from only 4% in April), while 32% are currently expanding their workforce (compared to 34% in April). Twelve percent of respondents reported an increase in lead times in May, the same percentage reported in April.

“As metalformers report shipping levels down and declining orders expected, PMA endorses the tax provisions in the reconciliation bill passed by the House of Representatives, which would reduce tax uncertainty, encourage capital investment and support job creation across the industrial supply chain,” said PMA President David Klotz. “PMA members met with White House officials and Members of Congress — including Members of the House Ways and Means Committee — to emphasize the importance of this legislation in supporting manufacturers and their workforce. The legislation will jump-start investments, research and growth here in the United States.”

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.