Another Strong Quarter for Metalworking
The Gardner Business Index for September 2017 shows that the metalworking industry is continuing its upward trend.
Registering 56.2 for September, the Gardner Business Index (GBI): Metalworking added another strong monthly reading to an already impressive 2017. This latest reading raised the average for the year-to-date period to 55.6 and the average reading for the 3rd quarter to 55.3. The index is up approximately 12 percent and 15 percent for the year-to-date and 12-month periods, respectively. Gardner Intelligence’s review of the underlying data for the month of September indicates that production, supplier deliveries and new orders lifted the business index higher, while employment, backlogs and exports pulled the index lower. The only component of the overall index that contracted for the month was exports.
The GBI reading among only job shops fell slightly for the month, pulling down the year-to-date average reading for this segment to 55.2. More information about the Metalworking Index can be found at gardnerintelligence.com.
With a reading of 43.3, Gardner’s Metalworking Business Index showed that the industry contracted in August for the fifth month in a row to its lowest level since July 2009, when the index was 36.5.
The GBI: Metalworking has reported its first month of expansion since the COVID-19 pandemic began restricting economic activity in America.
Index components continue to move toward 50, led by production and new orders