CLEVELAND, OH—October 28, 2025—Metalforming manufacturers anticipate continued challenging economic conditions, and reported declines in shipping levels and incoming orders this month, according to the October 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 77 metalforming companies in the United States and Canada.

PMA’s October report shows that 35% of manufacturers surveyed anticipate a decrease in general economic activity in the next three months (up from 32% in September), 47% predict no change in activity (compared to 54% in September) and 18% expect an increase in activity (compared to 14% last month).

Metalformers also predict a downturn in incoming orders in the next three months, with 39% of survey respondents anticipating a decrease in orders (up from 28% in September), 40% expecting no change (compared to 45% last month) and only 21% forecasting an increase in orders (down from 27% in September).

Thirty-eight percent of survey respondents reported a decrease in current average daily shipping levels in October (compared to 31% in September), 36% reported no change (compared to 50% in September) and 26% reported an increase in shipping levels (up from 19% in September).

The survey also showed that 8% of respondents had workers on short time or layoff in October, decreasing from 11% in September, while 29% are currently expanding their workforce (compared to 32% last month). Lead times decreased in October, with only 9% of respondents reporting an increase in lead times, down from 13% in September.

“The decrease in shipping activity and forecast for incoming orders reflects the ongoing economic uncertainty in the market,” said David Klotz, PMA president. “At the same time, PMA members continue to lead industry efforts to strengthen U.S. manufacturing and support initiatives to curb unfair trade. However, members remain concerned about tariffs on steel and aluminum products that are not available in the United States. In addition, potential tariffs on machinery that is either not produced domestically or requires imported inputs would raise costs, delay investments, and ultimately hinder modernization and competitiveness across our industry.” 

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.