CLEVELAND, Ohio — Metalforming manufacturers’ forecast for improved economic activity moderated last month following several months of increased optimism, though reporting that shipping levels rose, according to the February 2025 Precision Metalforming Association Business Conditions Report.
Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 106 metalforming companies in the United States and Canada.
PMA’s February report shows that 55% of surveyed manufacturers anticipate no change in economic activity in the next three months (compared to 54% in January), 32% predict an increase in economic activity (compared to 35% in January) and 13% expect a decrease in activity (compared to 11% last month).
Metalformers also forecast steady incoming orders, with 43% of survey respondents forecasting no change in incoming orders in the next three months (up from 38% in January), 44% predicting an increase in orders (down from 49% last month) and 13% anticipating a decrease in orders (the same percentage reported in January).
Current average daily shipping levels spiked in February, with 30% reporting an increase in shipping levels (up from 12% in January), 51% reporting no change (compared to 52% last month) and 19% reporting a decrease in levels (compared to 36% in January).
The survey also showed that 8% of respondents had workers on short time or layoff in February (down from 12% in January), while 34% are currently expanding their workforce (up from 24% last month). Eight percent of respondents reported an increase in lead times in February, compared to 5% in January.
“Metalformers remain optimistic about economic activity over the next three months and are reporting a sharp rise in shipping levels,” said PMA President David Klotz. “However, our members are concerned that the administration’s policies that could strengthen the manufacturing base may be offset by the expansion of steel tariffs and the increase in aluminum tariffs announced earlier this month. History has shown that tariffs that protect only one segment of the supply chain can create significant cost pressures for downstream manufacturers. We will continue to advocate for our members in Washington, D.C., for a trade policy that considers the entire U.S. manufacturing sector.”
Full report results are available at pma.org.
