Gardner Business Index: Precision Machining November 2022
According to the GBI for Precision Machining, component activity in November is essentially a repeat of October.
The Gardner Business Index: Precision Machining contracted for a second month in November, closing at 47.9 compared to October’s 49.1. (See last month’s reading.)
GBI: Precision Machining component activity in November is essentially a repeat of October.
- Production activity contracted again in November, though at a slower rate, landing at a level in line with October.
- Exports activity did the same, contracting again in November, as it has for the past several months.
- Backlog and new orders continued to contract at faster rates, suggesting new orders are not keeping pace with the chipping away at backlog.
- Employment continued to expand at the same rate it has since September.
- Supplier deliveries continued to lengthen at a slower rate, indicating supply chain issues are improving.
Precision Machining Business Index
Precision Machining activity continued to contract in November, closing the month at 47.9.
Key Components (3-month moving average)
GBI components, backlog and new orders were among the faster contracting components in November. Production activity still contracted, but at a slower pace in November.