Metalformers optimism for economy declines
Cleveland, OH -- Nov. 30, 2001 -- Layoffs or short shifts affect almost half the manufacturing companies surveyed,...
Cleveland, OH — Nov. 30, 2001 — Layoffs or short shifts affect almost half the manufacturing companies surveyed, according to the results of the October Business Conditions Report of the Precision Metalforming Association (PMA). Conducted monthly, the Business Conditions Report is an economic indicator for the manufacturing industry in North America.
Out of a sample of 214 manufacturing companies, 46% reported a plant work force on short time or layoff for the month of October, a 4% increase from the month of September. This figure compares to 14% on short time or layoff one year ago to date and 20% in January 2001.
When asked to compare general economic activity for the next three months with today, 40% expected it to remain the same, while 49% predicted a further downward turn (a 4% increase from the month of September). Only 11% felt economic activity would go up in the coming months. A year ago to date, 52% expected it to remain the same, 35% expected a decline and 13% felt it would go up.
The PMA Business Conditions Report summarizes the responses of approximately 33% of PMA’s manufacturing members. Since 1979, the monthly Business Conditions Report has been administered by PMA staff. Full report results are available to PMA member companies.
PMA is the trade association representing the $41 billion metalforming industry of North America — the industry that creates precision metal products using stamping, fabricating, and other value-added processes. Its 1,600 member companies include metal stampers, fabricators, spinners, slide formers and roll formers as well as suppliers of equipment, materials and services to the industry.
Members are located in some 30 countries, with the majority found in North America — in 41 states of the U. S. as well as Canada and Mexico.
By Bill Roebuck, Editor