Author: vdurden
Thanks to everyone who came out to the PMPA Connecticut Chapter Holiday Party 2024! It was a blast, and your presence made it even more special. Keep an eye out for more fun events coming up soon.
It was a fun evening at the PMPA Eastern New England Baseball and Nutcracker Jacks event! The atmosphere was lively, and everyone enjoyed the exciting activities and great company. It was a memorable night filled with laughter and joy. The Chapter is looking forward to more events like this in the future!
Rangebound is good. PMPA’s August Business Trends Report for the Precision machining Industry 1) increased 3 points (2.1%) over July 2024; 2) came in just 2 points (1.4%) below August 2023, and 3) was just 1.6 points (1.1%) below August’s five-year average. Sales continue to show strength while remaining in a very tight (9 points for the whole year) range. The year-to-date average for August is just 1 point above the year-end average for 2023 which was our second highest sales year ever recorded! Data-based optimism. PMPA members are continuing to outperform the broader industry, despite the gloom and underperformance that ISM PMI and some of the other indicators seem to show. Our data makes a positive case for our industry, even as we approach the lower sales season of the 4th quarter.
If you are not currently participating in PMPA’s Monthly Business Trends reporting, you are missing an excellent peer benchmark and a tool to provide you with confidence for your business decisions. Contact Veronica Durden to sign up.
July 2024 sales still rock steady as we see almost no volatility this year. Year-to-date average is still running high with expectations of a good year. July is staying in the range not having significant drop when compared to June as we have seen in the past few years. Sales are level and steady!
If you are not currently participating in PMPA’s Monthly Business Trends reporting, you are missing an excellent peer benchmark and a tool to provide you with confidence for your business decisions. Contact Veronica Durden to sign up.
Despite the Headlines, Optimism Is a Valid Outlook
ITR’s latest forecast report for PMPA has taken a turn to the positive, and now expects a 2024 broad plateau rather than economic recession. Of the 8 Industries measured that our shops serve, only one is shown in recession phase, with the majority of the remainder showing slowing growth. Inflation will continue to be present due to ongoing government and consumer spending , so passing along price increases will likely be a management challenge, as well as higher for longer rates. The forecast for 2025 is more positive than prior calls, based on the latest data. While it is difficult to plan for Growth ahead while the majority of our industries served are slowing growth, savvy shops will have taken this time to ensure they are ready for the uptick sure to follow. Take the time to examine each of the eight market reports inside to see where the expected 2025 growth is expected- (hint- it’s not expected to be evenly distributed.)
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.
The PMPA Business Trends Sales Index softened by 3 points or 2.1 percent in June 2024 to 142. It remains in a consistent range, in stark contrast to the June plunge of 20.5 percent in Transportation Durable Goods- the largest market served by our shops. PMPA”s year- to- date average is off just 2 points from our April forecast for the end of the year. Given the level and improving sentiment indicators for the next three months, we believe that optimism will help us to take advantage of that consistency in the months ahead. Focus on your customers and business, not the news.
If you are not currently participating in PMPA’s Monthly Business Trends reporting, you are missing an excellent peer benchmark and a tool to provide you with confidence for your business decisions. Contact Veronica Durden to sign up.
PMPA’s May 2024 data shows that level, steady sales are our path in 2024. While May slightly declined from April 2024, our year-to-date average is still above our 2023 year-end average. May 2024 was well above our five-year average for May. Average hours worked dropped slightly- with sales remaining strong- indicating we are still making productivity gains. Our sales are running steady and consistent at an elevated level.
If you are not currently participating in PMPA’s Monthly Business Trends reporting, you are missing an excellent peer benchmark and a tool to provide you with confidence for your business decisions. Contact Veronica Durden to sign up.
The PMPA Business Trends Sales Index for March 2024 remained elevated and level, softening just 1.3 percent compared to the prior month. All sentiment indicators for Sales, Lead Times, Profitability, and Employment remained level and positive as well. Hours worked remained level. Apparently, much of the volatility has been worked out of our customers’ demand for precision machined components. With three positive months recorded and our forward-looking three-month leading indicators level and positive, we are pleased to listen to the narrative that our data is telling us. (Interesting note- just 5 years ago, in March of 2019, Our sales index hit a new record of 147; today, for March of 2024, we look at 149 as “softening.”)
If you are not currently participating in PMPA’s Monthly Business Trends reporting, you are missing an excellent peer benchmark and a tool to provide you with confidence for your business decisions. Contact Veronica Durden to sign up.
In February, PMPA’s Business Trends Sales Index achieved it’s third consecutive increase. Our shops outpaced the Federal Reserve’s Industrial Production indicator, and sentiment indicators for Net Sales, Lead Times, Employment and Profitability remained positive. Our data continues to make a positive case for the next three months for our shops. Listen to the data!
If you are not currently participating in PMPA’s Monthly Business Trends reporting, you are missing an excellent peer benchmark and a tool to provide you with confidence for your business decisions. Contact Veronica Durden to sign up.
PMPA Eastern New England Chapter
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Tuesday, October 8, 2024 | 11am – 1pm Eastern
NTP Auditorium
200 Innovative Way
Nashua, NH 03062
Thank you to everyone who attended and TPPs Bo Brewer for a wonderful presentation. A special thanks to our Sponsor Datanomix. It was a great event, attendees learned a lot.
