Gardner Business Index: Precision Machining July 2024

The Gardner Business Index: Precision Machining contracted in July, at an accelerated rate for the fourth month in a row, landing at 42.5, down 1.7 points from June’s 44.2.

GBI: Precision Machining key components contracted at faster rates in July.   

• New orders and production accelerated contraction, not insignificantly, for the third month in a row.
• Backlog did the same, for the second month in a row.
• Exports continued its trend, accelerating contraction a bit each of the past four months.
• Employment maintained its trend, the opposite of exports, slowing contraction a bit each of the past four months.
• Supplier deliveries remained long and about the same as in June.
• Business sentiment, still positive, bounced up a bit in July.