The economic activity forecast from manufacturers of metalformed products has stabilized, following previous declines. However, there has been a drop in actual shipping levels, 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 July’s report sampling 95 metalforming companies in the U.S. and Canada.

The latest report showed that 61% of responding manufacturers predict no change in economic activity (56% in June). Meanwhile, 12% foresee an increase in activity (14% in June), and 27% expect a decrease (30% in June).

Surveyed metalformers also forecast steady incoming orders, with 24% expecting an increase, the same percentage as in June. Additionally, 52% predict no change in order (50% in June), while 24% anticipate a decrease (26% in June).

“The July PMA Business Conditions Report reflects the resiliency of our members and their ability to navigate through these uncertain times,” PMA President David Klotz said. “With the election upheaval, continued stalled progress on Capitol Hill in passing the Tax Relief for American Families and Workers Act that would reinstate R&D expensing and bonus depreciation, and continued threats of higher tariffs on key inputs in 2025, I am energized by the innovation and determination of our members to continue to compete in the global market and grow their businesses.”

The report noted that the current average daily shipping level declined in July, with 40% of respondents reporting a decrease (29% in June). Meanwhile, 46% reported no changes in levels (46% in June), and only 14% reported an increase (25% in June).

Lead times slightly increased in July, with 11% of metalforming companies reporting lead times (10% in June). Additionally, only 5% of companies had a portion of their workforce on short time or layoff (8% in June), while 39% reported expanding their workforce (40% in June).

Find the full July PMA Business Conditions Report here.