Metalforming companies anticipate stable business conditions for the first few months of 2024, and are expressing more optimism about business activity month over month, according to the latest Business Conditions Report from the Precision Metalforming Association (PMA).

A sampling of survey responses from 121 metalforming companies in the U.S. and Canada — which collectively serve as an economic indicator for the next three months of manufacturing — found that:

• 60% of the metalforming companies expect no change in general economic activity in the next three months (compared to 57% in December),
• 20% anticipate an increase in activity (up from 13% last month) and;
• 20% predict a decrease in activity (dropping from 30% in December).

“The January Business Conditions Report shows the highest percentage of respondents predicting steady or increased economic activity since April 2022,” said PMA President David Klotz in a Jan. 22 news release.

Metalformers also forecast an uptick in incoming orders:

• 34% expect an increase in orders during the next three months (up from 29% in December),
• 45% predict no change in orders (compared to 41% in December) and;
• 21% anticipate a decrease in orders (declining from 30% in December).