Precision Metalforming Association reports declining economic outlook for metalformers in April 2025; shipping levels improve as only 16% expect increased activity, down from 23% in March

CLEVELAND, OH—April 24, 2025—Metalforming manufacturers’ outlook for economic activity continued to decline for the third consecutive month, according to the April 2025 Precision Metalforming Association (PMA) Business Conditions Report. Prepared monthly, PMA’s report provides an economic indicator for the next three months of manufacturing, sampling 99 metalforming companies in the United States and Canada.

PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March), 47% predict no change in activity (compared to 54% in March) and 37% expect a decrease in activity (up from 23% last month).

Metalformers also forecast a drop in incoming orders, with 26% of survey respondents anticipating a decline in orders in the next three months (compared to 24% in March), 47% predicting no change (compared to 40% last month) and 27% expecting an increase in orders (down from 36% reported in March).

However, current average daily shipping levels showed a modest rebound in April, with 44% reporting an increase in shipping levels (up from 35% in March), 41% reporting no change (compared to 40% last month) and 15% reporting a decrease in levels (down from 25% in March).

The survey also showed that only 4% of respondents had workers on short time or layoff in April (down from 12% in March), while 34% are currently expanding their workforce (the same percentage reported in February and March). Twelve percent of respondents reported an increase in lead times in April, compared to 14% in March.

“Metalformers are navigating continued economic uncertainty, with declining confidence in near-term conditions and softening order volumes,” said PMA President David Klotz. “Ongoing unpredictability surrounding U.S. trade policy is likely a major factor behind these forecasts—particularly the widening gap between U.S. steel prices and those in the rest of the world, which impacts a key input for our members. Some are seeing increased interest from customers looking to reshore production as a result of the tariffs, which is encouraging. However, proposals to eliminate critical programs like the federal Manufacturing Extension Partnership (MEP) are deeply concerning. If we want to strengthen domestic manufacturing and compete globally, we need continued support for programs that help small and medium-sized manufacturers modernize and innovate.”

Full report results are available athttps://www.pma.org/public/business_reports/pdf/BCREP.pdfBusiness Conditions Report April 2025 The first of every month, PMA’s manufacturing members are asked to express their opinions on current and future business trends. Monthly percentages for each question equal 100%. The trend line will move up or down depending on whether responses are more or less positive. The higher the trend line, the greater the ratio of respondents who answered with the top option as opposed to the bottom option. If there are an equal number of answers for the top, middle and bottom options, the trend line will be directly in the middle of the graph. This month’s report reflects the views of 99 PMA manufacturing members. Information is reported based on conditions as of April 1, 2025. General Business Conditions Compared with today, the trend of general economic activity for the next 3 months is expected to be: Up 11 10 11 18 8 10 9 13 20 23 24 21 19 14 12 15 15 13 23 30 35 32 23 16 42 36 54 58 55 49 53 57 Same 60 55 56 61 47 54 50 43 47 61 60 67 49 54 54 55 50 54 Down 35 32 34 42 29 30 38 20 3 16 16 26 30 27 1 37 34 37 12 21 11 13 23 M J J A S O N D J F M A M J J A S O N D J F M A 2023 2024 2025 Compared to a year ago, shipment activity is: Up 25 26 23 16 23 16 20 22 12 28 20 19 17 23 19 20 20 20 24 19 21 23 26 29 34 30 26 30 21 35 2 3 2 Same 39 34 31 3 0 26 35 2 29 27 27 24 20 24 29 34 33 34 45 35 43 50 51 54 49 57 53 46 58 45 53 55 52 53 53 56 52 61 50 43 41 Down 37 M J J A S O N D J F M A M J J A S O N D J F M A 2023 2024 2025 Your Business Compared to 3 months ago, current average daily shipping levels are: Above 15 27 19 16 23 15 18 14 16 31 24 21 21 25 14 12 19 10 26 16 12 30 35 44 49 42 40 33 43 53 42 44 46 48 57 39 2 Same 4 4 4 52 39 4 8 9 45 5 46 41 51 40 41 36 42 35 45 49 43 21 28 40 30 32 31 30 29 40 40 36 33 33 45 36 Below 19 25 15 M J J A S O N D J F M A M J J A S O N D J F M A 2023 2024 2025 Business Conditions Report April 2025 Your Business (Cont’d) Compared with the last 3 months, what do you expect the trend to be in your incoming orders during the next 3 months: Increase 21 20 18 26 19 17 17 29 34 40 39 33 32 24 24 26 26 24 30 34 49 44 36 27 35 No Change 45 44 46 34 45 46 41 50 52 46 42 42 40 45 4 45 54 49 40 47 47 8 38 43 Decrease 34 36 36 47 48 28 38 30 21 12 16 13 19 26 24 28 32 34 30 19 13 13 24 26 M J J A S O N D J F M A M J J A S O N D J F M A 2023 2024 2025 Compared with 3 months ago, current average lead times are: Longer 11 10 7 11 6 12 13 7 7 7 6 6 7 10 11 6 10 9 5 5 5 8 14 12 Same 68 76 78 72 72 66 64 70 73 71 70 71 83 75 71 79 75 72 84 82 85 84 77 75 Shorter 21 14 15 17 22 22 23 23 20 22 24 23 10 15 18 15 15 19 11 13 10 8 9 13 M J J A S O N D J F M A M J J A S O N D J F M A 2023 2024 2025 Is any of your plant work force now on short time or layoff? Yes 7 10 5 9 8 7 6 7 6 6 7 8 12 8 5 10 5 12 14 12 12 8 12 4 93 90 95 91 92 93 94 93 94 94 93 92 88 92 95 90 95 88 86 88 88 92 88 96 No M J J A S O N D J F M A M J J A S O N D J F M A 2023 2024 2025 Are you currently expanding your workforce? Yes 40 46 42 46 40 42 36 37 37 44 36 26 35 40 39 30 34 29 26 24 24 34 34 34 No 60 54 58 54 60 58 64 63 63 56 64 74 65 60 61 70 66 71 74 76 76 66 66 66 M J J A S O N D J F M A M J J A S O N D J F M A 2023 2024 2025 Compared with 3 months ago, customers are now paying us: 4 2 3 5 2 6 3 3 1 2 3 2 3 3 2 2 1 1 2 1 0 2 1 0 More Promptly 79 76 80 77 76 76 81 87 81 82 84 80 78 78 84 78 84 86 81 85 86 86 87 86 Same Rate Less Promptly 17 22 17 18 22 18 16 10 18 16 13 18 19 19 14 20 15 13 17 14 14 12 12 14 M J J A S O N D J F M A M J J A S O N D J F M A 2023 2024 2025.

PMA is the full-service trade association representing the $137-billion metalforming industry of North America—the industry that creates precision metal products using stamping, fabricating, spinning, slide forming and roll forming technologies, and other value-added processes. Its more than 900 member companies also include suppliers of equipment, materials and services to the industry. PMA leads companies toward superior competitiveness and profitability through advocacy, networking, statistics, the PMA Educational Foundation, FABTECH tradeshows andMetalForming magazine.