Metalworking Index Up On the Return of Employees
Record hiring activity lifts overall metalworking index for October, with near-record readings in material prices and supply chain disruption.
Share
Phillips Corporation - Education
Featured Content
View More
Phillips Corporation
Featured Content
View MoreThe Gardner Business Index: Metalworking increased four points month-to-month in October to end at 61.8. The increasing expansion in metalworking activity was caused by the largest single-month increase in the employment sub-index in the past decade.
Gardner Business Index: Metalworking
The Metalworking Index signals increasing expansion in business activity in October as employment jumped. Meanwhile, disrupted supply chains are severely impacting production and keeping backlogs elevated. Photo Credit: Gardner Intelligence
Obtaining materials from suppliers remains an issue, with the Index continuing to show near-record readings in material prices and supply chain disruption, as it has for the past several months. October represents the sixth month this year that data measuring prices received set a new record, as shops continue to pass their material costs to their customers. Over the past six months, production and new orders have slowed but not stopped their growth, while backlogs have shown constant growth. This suggests that the stockpile of unordered work built up over the course of this year has yet to be reckoned with.
Employment and Backlog Activity
The last half of 2021 saw month-on-month declines in employment activity, until October’s record increase. However, plenty of orders remain incomplete as supply chain issues continue to disrupt into the metalworking business. Photo Credit: Gardner Intelligence
Related Content
-
Metalworking Contraction Slows Slightly in October
While still in a state of contraction, some indicators are improving in the metalworking market.
-
Metalworking Activity Trends Down Again in June
The Metalworking Index closed at 44.3 in June, down 1.2 points relative to May, marking a 2024 low.
-
Metalworking Activity Trends Downward in May
Accelerated contraction and declines in business optimism span manufacturing segments. Odds are that broad-reaching economic factors are at play.
