Metalworking Growth Posts Another Month of Steady Slowing
All components of metalworking activity in July 2022 contributed to the slowdown in what has become a consistent pattern the past few months.
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The Gardner Business Index: Metalworking closed July at 52.0, down over two points from June. This continues a trend of slowing expansion. Metalworking new orders activity just started to contract in July. Backlog and production landed at a very similar reading, showing further slowed growth as compared with June. Employment activity slowed again, as did lengthening of supplier deliveries. Export activity continued its path of contraction at a faster rate.
GBI: Metalworking Expansion Slows to 52.0
July marks a fourth month of slowing metalworking expansion, approaching contraction of activity. Images: Gardner Intelligence
Metalworking Backlog, Production and New Orders
New order activity just started to contract in July. Backlog and production growth slowed again but to a lesser degree than new orders, landing on top of each other in July.
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