Metalworking Activity Contracted in November
Contraction was hard to dodge with metalworking activity expansion steadily slowing since March.
Metalworking GBI is down, having solidly contracted in November. Photo Credit: Gardner Intelligence
The Metalworking Index for November closed at 47.3, down over two points versus October’s short-lived reprieve of nearly ‘flat’ (49.6). New orders and backlog activity contracted faster in November, with backlog contracting the most as ‘old’ orders were fulfilled. With new orders activity contracting faster in November, production activity started contracting for the first time in over two years.
Employment expansion slowed again in November, but to a lesser degree than most directly previous months. Supplier deliveries continued to lengthen at slower rates, suggesting supply chain issues are less impactful. Export activity contracted at about the same rate it has for three months.
New orders and backlog activity contracted faster in November. Production activity started contracting for the first time in over two years. (3-MMA = three-month moving averages). Photo Credit: Gardner Intelligence
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