GBI: Precision Machining component activity in July is more of what we saw in June (see last month’s reading).
Every GBI component decelerated growth in July, most having started moving in that direction in April.
New orders showed the longest, deepest growth deceleration, landing a full 10 points down since March — a low reading not seen in almost 2 years.
Production followed suit with a 7-point decline since March, and backlog behaved similarly.
Precision Machining Business Index
Precision Machining showed slowing growth for the second straight month in July.
Key Components (3-month moving averages)
GBI components, new orders and production typically move in concert as they did in July. New orders declined more dramatically in July, ending the month at the lowest of the six component readings.
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Why am I seeing this?
Dear Production Machining Audience Member:
Starting on Thursday August 8, 2024, PM will begin “gating” its premium content, asking all new website users to provide some information about themselves — name, title, employer, email address — before they are provided free access to the content.
We are doing this because the ways PM’s audience finds and accesses our content is changing. Google’s search algorithms, increasingly, make it difficult to connect PM’s content with the people who might make use of it. On top of that, generative AI like ChatGPT is serving up PM content to internet users without attributing that content to PM.
As a result, it has become increasingly important for PM evolve its audience development strategy and learn as much as possible about who is accessing our content, what content they are accessing and how they are accessing it.
With this audience development strategy, we hope to do two things:
First, we will be better able to deliver directly to our audience the editorial content that aligns with the machining materials, processes and technologies that interest them.
Second, we will be better able to connect the materials, equipment and services our advertisers supply with the audience that is most interested in them.
PM plays a distinctive role and has earned a place of esteem within the focused and specialized industry it serves. Large developments in the media landscape are forcing us to change the way we communicate with our audience. We are confident that our audience values the role PM plays in their professional lives and will join us in this effort to stay connected to them.
We thank you for your continued interest in and support of PM and welcome any questions you might have about the brand’s new content gating strategy.
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