The Gardner Business Index: Precision Machining contracted in March, but at a slower rate, landing at 48.3, up 1.1 points from February’s 47.2.
GBI: Precision Machining components mostly contracted at slower rates.
Slowed contraction in new orders and production primarily contributed to slowed contraction in the overall index.
Backlog also contracted at a slower rate, for just the second time in over one year (last slowed contraction was in February 2023.)
Employment, which continues to contract inconsistently, accelerated contraction in March.
Supplier deliveries held steady in expansion for the second month in a row, which means they are lengthening. This is a sign that deliveries are picking up.
Business sentiment (not part of the GBI calculation), which is long-standing in “expansion” mode, leveled off in March.
Precision Machining activity contracted slower in March, closing at 48.3. Source: Gardner Intelligence
New orders, production, and backlog slowed contraction in March, influencing the overall index (reported as a three-month moving average). Source: Gardner Intelligence
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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.
