CLEVELAND — Metal forming companies expect little change in business conditions over the next three months, according to the Precision Metalforming Association’s April 2022 Business Conditions Report.
Prepared monthly, the report provides an economic indicator for manufacturing, sampling 108 metal forming companies in the United States and Canada.
PMA’s April report shows that 63% of metals processing companies expect no change in general economic activity over the next three months (compared to 58% in March), 19% expect an increase in activity (vs. 24% last month) and 18% expect activity to decline (the same percentage reported in March).
Metal fabricators also expect little change in incoming orders over the next three months, with 34% expecting an increase in orders (vs. 37% in March), 47% expecting no change (vs. 46% the month last) and 19% anticipating a decline. orders (against 17% in March).
Only 34% of survey respondents reported an increase in delivery times in April, compared to 43% in March. Metal formers also saw an improvement in current average daily shipment levels in April, with 54% of respondents reporting an increase (from 41% last month), 39% reporting no change (from 48% in March) and 7 % reporting a decrease. (against 11% in March).
“The April PMA Business Conditions Report reflects the resilience of our member companies as they continue to manufacture the parts that are critical components in automobiles, appliances, planes, satellites, gear spacecraft and many other products,” said PMA President David Klotz. “During my visits to metal forming businesses across the country, our members report steady orders but ongoing supply issues for steel, aluminum and red metals as well as difficulties in finding workers. PMA continues to help its members through various resources such as the METALFORM EDU online education platform, member benefits including a new partnership to provide PMA members access to a 401(k) program, and regular updates on trading, regulatory and other questions from the PMA Advocacy Team in Washington, DC”
Only 1% of responding metal forming companies had part of their workforce furloughed or laid off in April, while no companies reported any employees furloughed or laid off in March. Seventy-nine percent of respondents said they are currently expanding their workforce, up from 77% last month.
The full results of the report are available at https://www.pma.org/public/business_reports/pdf/BCREP.pdf.