Metalworking Index Extends Upward Breakout

Registering 61.3 for February, the Gardner Business Index (GBI): Metalworking extended its 2018 rally by setting a consecutive record high. Compared to the same month one year ago, the Metalworking Index grew by more than 9 percent. Gardner Intelligence’s review of the underlying data for February indicates that strong increases in the expansion of new orders, production, backlog and supplier deliveries drove the Metalworking Index higher. Although employment and exports readings both expanded, they pulled the index average lower for the month. All components of the Metalworking Index expanded during February. For a third month in a row, new orders outpaced production. Gardner Intelligence’s review of past data trends suggests that when new orders growth exceeds production, manufacturers can expect continued industry growth.