PMPA / ITR Economics Forecast Report May 2023
The purpose of our precision machining shops is to manufacture components that provide functionality that is needed by our customers. Knowledge of our craft is important. But knowledge of our craft can be made irrelevant by events and circumstances beyond our control.
This month’s ITR Economic Report will help you intelligently manage risk- and focus on the significant events and circumstances in the broad economy and avoid worrying about the less important noise that is burying our news feeds and consciousness. Only one of the 8 Industry Indicators that we track are currently in a recession phase.
Two industries that are heavily served by our shops are in the accelerating growth phase- more good news, while the remaining five industries that we serve are currently in a slowing growth phase.
We are not yet seeing recession in our markets. ITR does see a recession on the horizon, and in their report explain why it will be relatively mild, and when to expect it in the eight industries segments that we follow. Read the full report to learn the best steps to take to evaluate your market position and intelligently manage the risk of the phases of the business cycle that are ahead.
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.