CLEVELAND, OH—September 22, 2026—After expressing increased optimism about economic activity and incoming orders in August, metalforming manufacturers have significantly tempered their outlook for the next three months, according to the September 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 78 metalforming companies in the United States and Canada.
PMA’s September report shows that 24% of manufacturers surveyed expect an increase in general economic activity in the next three months (down from 33% in August), 57% predict no change in activity (compared to 61% last month) and 19% forecast a decrease in activity (up from 6% in August).
The September report also shows that metalformers’ expectations for incoming orders over the next three months weakened significantly, with 29% of survey respondents expecting an increase in orders (down from 49% in August), 48% predicting no change in orders (compared to 36% in August) and 23% forecasting a decrease in orders (compared to 15% in August).
Current average daily shipping levels were relatively stable in September, with 46% of survey participants reporting no change in average daily shipping levels (compared to 34% in August), 36% reporting an increase (compared to 47% in August) and 18% reporting a decrease (compared to 19% in August).
Workforce indicators also remained steady in September, as 47% of companies are expanding their workforce, compared to 48% in August, while 6% reported having workers on short time or layoff, up from 5%. However, lead times continued to lengthen in September, with 31% of respondents reporting longer lead times, up from 28% in August.
“Metalformers are entering the final months of the year with a more measured outlook than they expressed in August’s survey,” said Mark Getsay, PMA’s managing director. “Expectations for incoming orders have softened, and ongoing uncertainty surrounding supply chains and trade policy continues to weigh on business planning. Even so, relatively stable shipping activity and continued investment in the workforce underscore the resilience of our industry.”
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 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.