The economic activity forecast from manufacturers of metalformed products continues to decline, according to the monthly Business Conditions Report from the Precision Metalforming Association.

The PMA report provides an economic indicator for the next three months of manufacturing, with June’s report sampling 91 metalforming companies in the U.S. and Canada.

The latest report showed that 14% of responding manufacturers predict an increase in economic activity in the next three months, down from 19% in May and 21% in April. Meanwhile, 30% of respondents indicated they anticipate a decrease in activity, up from 26% in May, while another 56% expect no change (55% in May).

Surveyed metalformers also forecast a decline in incoming orders, with only 24% expecting an increase in orders over the next three months, down from 32% in May; 50% expect no change (49% in May); and 26% expect a decrease (19% in May).

“The June survey confirms that PMA members are seeing a slowdown in economic activity, which tracks other recent reports for the manufacturing sector that are reporting a contraction in activity,” PMA President David Klotz said in the association’s June report release. “Our members are reporting a general sense of uncertainty over industrial demand, the election outcome, and whether tariffs will go up in 2025 and taxes will go up in 2026. The current environment makes it difficult for downstream companies to plan and respond to their customers’ concerns over similar uncertainties in the markets and over who will be in control of Washington after the November election.”

The report noted that current average daily shipping levels remained steady in June, with 46% reporting no change in levels (49% in May); 25% report an increase (21% in May); and 29% report a decrease (30% in May).

Lead times rose in June, with 10% of surveyed metalformers reporting an increase (7% in May). Meanwhile, 8% of respondents indicated they had a portion of their workforce on short time or layoff in June (12% in May), while 40% said they are currently expanding their workforce (35% in May).

Find the full June PMA Business Conditions Report here.