Metalworking Activity Remained on a Path of Contraction
Steady contraction of production, new orders and backlog drove accelerated contraction in November.
The path has not been direct, but the trend is consistent, with metalworking activity contracting since March of this year. November was no different, closing at 43.7, down 1.7 points relative to October.
Steady contraction of three closely connected components — production, new orders and backlog — drove accelerated contraction. Employment held its own, contracting at the same level since its first real contraction in August, still to a lesser degree than all the other components. Exports were similarly steady state in contracting, and supplier deliveries lengthened again in November, but at a slower rate.
The three most direct drivers of metalworking activity posted accelerated contraction in November, which they have done fairly consistently since March of this year (3-MMA = three-month moving averages). Photo Credit: Gardner Intelligence
Related Content
-
Metalworking Activity Contracted in November
Contraction was hard to dodge with metalworking activity expansion steadily slowing since March.
-
Metalworking Activity is Nearing a Full Year of Contraction
Metalworking activity has contracted since October of 2022.
-
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.