Metalworking Activity Contracted in November
Contraction was hard to dodge with metalworking activity expansion steadily slowing since March.
Share
Hwacheon Machinery America, Inc.
Featured Content
View MoreTakumi USA
Featured Content
View MoreMetalworking GBI is down, having solidly contracted in November. Photo Credit: Gardner Intelligence
The Metalworking Index for November closed at 47.3, down over two points versus October’s short-lived reprieve of nearly ‘flat’ (49.6). New orders and backlog activity contracted faster in November, with backlog contracting the most as ‘old’ orders were fulfilled. With new orders activity contracting faster in November, production activity started contracting for the first time in over two years.
Employment expansion slowed again in November, but to a lesser degree than most directly previous months. Supplier deliveries continued to lengthen at slower rates, suggesting supply chain issues are less impactful. Export activity contracted at about the same rate it has for three months.
New orders and backlog activity contracted faster in November. Production activity started contracting for the first time in over two years. (3-MMA = three-month moving averages). Photo Credit: Gardner Intelligence
Related Content
-
Metalworking Activity Contracts With the Components in June
Components that contracted include new orders, backlog and production, landing on low values last seen at the start of 2023.
-
Market Indicators Continue to Soften in Metalworking
The overall metalworking index is down more than a point, but future business is up slightly.
-
Metalworking Activity Starts Year With Slowing Contraction
The GBI: Metalworking welcomed the new year with slowed contraction of components for the second month in a row.