PMPA / ITR Economics Forecast Report August 2024
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.