PMPA / ITR Economics Forecast Report August 2023
We don’t need to be professional economists to sense that markets are slowing, but it is helpful when the professionals can confirm our suspicions, and offer us a glimpse or two at some green shoots.
In the August ITR Economic Report and Forecast for the Precision Machining Industry, we learn that 6 of the 8 markets we track for our industry are in slowing growth phase, while 2 remain in growth or recovery. PMPA members will be able to see the specifics in the report. Green shoots and positivity include the fact that none of the 8 markets that we track are already in recession, and there are several positive signs in the housing space that could bode well for recovery. Nevertheless, the economic low that we have been expecting may arrive earlier than our prior forecast, especially with all of the drama that we see coming from the Federal government and the UAW in September.
The Institute for Trend Research (ITR) quarterly reports focus on major areas of economic growth and decline in key market segments for the Precision Machined Products Industry. They are provided to PMPA members as part of the association’s overall business intelligence program and are used as a management tool to help PMPA members plan for what lies ahead and which markets they should focus on in a complex manufacturing environment.