Companies that make metal products in the U.S. expect a decline in future business activity over the next three months as April conditions declined compared to past activity, according to the Precision Metalforming Association.
The trade group's monthly business conditions report showed that 16 percent of companies surveyed in April said they expected a business decline in the next quarter compared to just 6 percent saying that in March.
Many companies — 56 percent — believe activity will remain unchanged, yet that number is down by two percentage points, according to Ohio-based PMA. Twenty-eight percent of companies said economic activity will improve, down from 36 percent a month ago.
"While fabricated metal products was one of the 12 economic sectors that continued to show growth in the March ISM Manufacturing Index, PMA members reflect a less robust outlook for the second quarter of 2013," PMA President William E. Gaskin said in a statement.
The metalforming industry in North America is worth about $113 billion and includes the creation of metal products through stamping, fabricating, spinning, slide-forming and roll-forming technology.