Gardner Business Index: Precision Machining December 2023
While still contracting, Precision Machining activity in December showed its first real uptick since August 2023.
The Gardner Business Index: Precision Machining closed December with an index of 45.8, up 1.8 points from November, ending the year on a mostly ‘neutral’ note.
GBI: Precision Machining components generally saw stable or slowed contraction in December, with one exception.
- Supplier deliveries were essentially flat in December, meaning reports of lengthening and shortening deliveries were about the same.
- New orders and backlog remained the most contracted components, both slowing — still tracking together — and inching closer to production’s level of contraction.
- Employment, the least contracted component, also saw a slight slowing of contraction in December.
- Production and exports posted stable contraction for the month.
- Business sentiment, not part of the GBI calculation, continued the upward trend in place since June 2023.
Precision Machining activity contracted in December, closing at 45.8. Photo Credit: Gardner Intelligence