CLEVELAND, OH—November 20, 2025—Metalforming manufacturers provided a mixed outlook for the next three months, with the majority predicting no change or a decrease in general economic activity, while optimism for an improvement in incoming orders is trending upward, according to the November 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 85 metalforming companies in the United States and Canada.

PMA’s November report shows that 35% of manufacturers surveyed anticipate a decrease in general economic activity in the next three months (the same percentage reported in October), 51% predict no change in activity (compared to 47% last month) and 14% expect an increase in activity (compared to 18% in October).

Metalformers experienced a slight dip in current average daily shipping levels in November, with 40% reporting a decrease (compared to 38% in October), 39% reporting no change (compared to 36% in October) and 21% reporting an increase in shipping levels (down from 26% last month).

However, metalformers forecast an increase in incoming orders in the next three months, with 31% of survey respondents anticipating an increase in orders (up from only 21% in October), 36% expecting no change (compared to 40% last month) and 33% predicting a decrease in orders (down from 39% in October).

The survey also showed that 14% of respondents had workers on short time or layoff in November, increasing from 8% in October, while 26% are currently expanding their workforce (compared to 29% last month). Lead times remained unchanged from October to November, with 9% of respondents reporting an increase in lead times.

“PMA’s November Business Conditions Report shows that members continue to be cautious about expected economic activity over the next three months,” said PMA President David Klotz. “This likely reflects ongoing uncertainty in the market due in part to supply-chain challenges, including continued increases in prices of key inputs such as steel and aluminum. However, it is notable that more members are predicting an increase in incoming orders – a positive sign of the industry’s resilience.” 

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.