CLEVELAND, OH—May 25, 2022—The May 2022 Precision Metalforming Association (PMA) Business Conditions Report showed metalforming companies anticipating a modest decline in business conditions compared to the previous month’s report. Prepared monthly, the report provides an economic indicator for the next three months of manufacturing, sampling 108 metalforming companies in the United States and Canada.  

PMA’s May report shows that 16% of metalforming companies expect an increase in general economic activity in the next three months (decreasing from 19% in April), 63% forecast no change in activity (the same percentage reported in April) and 21% predict a decrease in activity (compared to 18% last month).

The report showed a significant decrease in predictions for incoming orders, with only 22% of survey respondents expecting an increase in incoming orders during the next three months (compared to 34% in April), 57% predicting no change (compared to 47% last month) and 21% anticipating a decrease in orders (compared to 19% in April).

Additionally, current average daily shipping orders trended slightly downward in May, with 9% of respondents reporting a decrease (compared to 7% in April), 45% reporting no change (increasing from 39% last month) and 46% reporting an increase (compared to 54% in April).

“PMA’s May Business Conditions Report shows that metalformers continue to experience challenges, mainly due to supply-chain issues,” said PMA President David Klotz. “Problems experienced throughout manufacturing in obtaining steel, aluminum and other raw materials, together with the inability to fill job openings, is starting to slow the sector’s recovery as reflected in this report. PMA has been advocating Congress to include the JOBS and College Transparency Act in the COMPETES Act to help our industry in its efforts to attract the next generation of workers.” 

Lead times remained steady in May, with 34% of responding metalforming companies reporting an increase in lead times, the same percentage reported in April. The percentage of companies with a portion of their workforce on short time or layoff also was unchanged from April to May, at 1%. 

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 and 3D Metal Printing magazines.