A powered fastener driver includes a magazine configured to receive fasteners, a pusher slidably coupled to the magazine, a nosepiece coupled to the magazine, and a workpiece contact element movable with respect to the nosepiece. The powered fastener driver further includes a lockout member pivotally coupled to the nosepiece, and a magnet exerting a magnetic force on the lockout member to bias the lockout member toward a first position. The pusher moves the lockout member to a second position where the lockout member blocks movement of the workpiece contact element when a predetermined number of fasteners remain in the magazine.