According to Gardner Intelligence, the Gardner Business Index: Precision Machining showed a May index of 48.5, very close to April’s 48.9. (See last month’s reading.)
GBI: Precision Machining component activity in May generally went further and faster in the directions manifested in April.
The three metrics that contracted in April contracted faster in May, including new orders which had just barely begun to contract in April. Other contracting metrics that did more of the same in May are backlog and exports.
Production went from expanding in April to flat in May, a value not seen since September 2022.
New order activity took a bit of a nosedive into contraction in May.
Employment and supplier deliveries leveled off in May.
The sentiment associated with the components is consistent, with more shops saying business is improving slower.
Precision Machining Index
Precision Machining activity contracted in May, closing at 48.5.
Key Components (3-month moving average)
Components, production and new orders saw rather dramatic changes in May with production dropping to flat and new orders contracting faster.
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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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