Gardner Business Index: Precision Machining October 2023

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.