Manufacturers of metalformed products’ outlook for economic activity declined further in April for a third straight month, according to a monthly report from the Precision Metalforming Association (PMA).

The latest PMA’s Business Conditions Report — issued April 24 — found that only 16% of surveyed manufacturers expect an increase in economic activity in the next three months, falling from 23% in March and 32% in February. Meanwhile, 47% predict no change (40% in March) and 37% expect a decrease (up from 23% in March and 13% in February).

The report polled 99 metalforming companies in the U.S. and Canada.

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Metalformers also forecast a decline in incoming orders:

• 26% of  respondents expect a decrease in orders during the next three months (24% in March, 13% in Feb.)
• 47% predict no changes in orders (40% in March, 43% in Feb.)
• 27% expect an increase in orders (36% in March, 44% in Feb.)

However, current average daily shipping levels had a modest rebound in April, with 44% of respondents reporting an increase in shipping levels (35% in March, 30% in Feb.); 41% reported no change and 15% reported a decrease (25% in March).

The survey also found that only 4% of respondents had workers on short time or layoff in April (12% in March); 34% are currently expanding their workforce (same in March & Feb.); and 12% reported an increase in lead times in April (14% in March).

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“Metalformers are navigating continued economic uncertainty, with declining confidence in near-term conditions and softening order volumes,” PMA President David Klotz said in a news release. “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.”

Find the full April PMA Business Conditions Report here.