According to Precision Metalforming Association (PMA) Trade Terms Report March 2022. Prepared monthly, the report provides an economic indicator for manufacturing, sampling 109 metal forming companies in the United States and Canada.
PMA’s March report shows just 24% of metal forming companies expect an increase in general economic activity over the next three months (compared to 32% in February), 58% expect no change activity (the same percentage reported in February), and 18% expect a drop in activity (compared to 10% in February).
Forty-three percent of respondents reported an increase in delivery times, down slightly from 46% in February. Metal formers also expect incoming orders to decline over the next three months, with 37% expecting an increase in orders (vs. 42% in February), 46% expecting no change (vs. 50%) and 17% anticipating a decline. orders (compared to 8% in February).
Meanwhile, none of the metal forming companies surveyed had any part of their workforce furloughed or furloughed in March, down from 2% in February. Seventy-seven percent of respondents said they are currently expanding their workforce.
Current average daily shipment levels have remained fairly stable in March, with 41% of survey respondents reporting an increase (from 45% in February), 48% reporting no change (from 44%), and 11% reporting a decrease (the same percentage reported in February).