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Gardner Business Index: Precision Machining October 2023
Precision Machining activity was spared another month of accelerated contraction and held into October the same index reported in September.
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The Gardner Business Index: Precision Machining closed October with an index of 44.8, the same as September’s index of 44.7, which was down 2.4 points from August.
GBI: Precision Machining component activity in October was generally a continuation of activity in September.
- New orders and backlog continued to contract at slightly accelerated rates that have pretty much kept those indices on top of each other since July.
- Employment contracted at a slightly higher rate again in October, still maintaining one of the better positions in the contractionary phase.
- Exports continued ‘business as usual’ in contraction for the past two years.
- Production is neck-and-neck with exports, having stabilized contraction in October relative to September.
- Supplier deliveries maintained position in lengthening at a slower rate in October, but edged closer to shortening.
Precision Machining activity contracted in October, closing at 44.8. Photo Credit: Gardner Intelligence
Related components, new orders and backlog, continued to contract hand-in-hand in October (reported as three-month moving average).Photo Credit: Gardner Intelligence
