Gardner Business Index: Precision Machining October 2022
The GBI: Precision Machining activity shows 4 of 6 components contracting in October.
The Gardner Business Intelligence (GBI) Precision Machining Index started contracting in October, closing at 49.1, its lowest point since July 2020. See last month’s reading.
GBI: Precision Machining activity shows 4 of 6 components contracting in October.
- Production and exports contracted in October at about the same rate as September.
- Backlog and new orders contracted at faster rates.
- New orders contracted to a point not seen in over 2 years.
- Employment continues to grow at about the same rate it did in September, but not sufficiently according to ‘the word on the street.’
- Supplier deliveries continued to lengthen at a slower rate, approaching readings that were more typical pre-pandemic.
Precision Machining Business Index
Precision Machining’s flat reading of 50 in September crossed into contraction in October, closing the month at 49.1.
Key Components (3-month moving average)
GBI components, backlog and new orders were among the faster contracting components in October. Supplier deliveries lengthened into familiar pre-pandemic territory.