Metalworking Activity Stays Flat in October
The GBI for Metalworking reflects stability of most of the six GBI components that had been losing ground months prior. Ordinarily underwhelming, flat is good when it means not contracting.
The Gardner Business Index for Metalworking hovers around 50 (49.6, to be exact) for the second month in a row, reflecting stability of most of the six GBI components that had been losing ground months prior.
New orders and exports contracted again, but at slower rates than in September, landing on top of each other in October. Employment and production hint at leveling off in October. Backlog is essentially unchanged, in part a function of contracting new orders. Supplier deliveries continue to lengthen at slower rates, entering levels in line with more typical, pre-pandemic readings. While employment stands alone in growth mode, reports of having more employees does not mean there are enough.
Metalworking GBI is essentially flat in October, reflecting mostly flat components. Photo Credit: Gardner Intelligence
Production stayed flat in October. Backlog and employment slowed in October, both landing close to September levels of contraction and growth, respectively. (3-MMA = three-month moving averages). Photo Credit: Gardner Intelligence
Related Content
-
Metalworking Activity is Nearing a Full Year of Contraction
Metalworking activity has contracted since October of 2022.
-
Mixed Bag Ahead for US Metalworking Economy
While what has been an extraordinarily robust manufacturing economy has softened in recent months, and the near-term outlook appears to be more of the same, the overall scenario remains strong. Even a possible recession next year does not appear to be an obstacle to continued growth over the next few years.
-
Metalworking Activity Continued to Contract Steadily in August
The degrees of accelerated contraction are relatively minor, contributing to a mostly stable index despite the number of components contracting.
