Metalworking Expansion Steadily Slows
All components of metalworking activity contributed to the slowdown, most of them for the second month in a row.
The Gardner Business Index for Metalworking has shown steadily slowing expansion for the past three months. The Index closed June at 54.8, down 6.4 points from March’s recent high of 61.2.
All components of the Index reflect the slowing expansion, most of them for the second month in a row. New orders slowed the most, landing as the lowest expansion component in June. Backlog and production behaved similarly in May and June. Even employment activity slowed in June following three months of accelerated growth. Supplier deliveries continued to slow to a level still much higher than is typical, while export activity continued its path of contraction.
GBI: Metalworking Closes June at 54.8
June marks a third month of slowing metalworking expansion, a trend we have not seen since June to September 2021. Images: Gardner Business Intelligence
Metalworking Index Components Reflect Slowing Growth
New orders have slowed the most since April, reaching a low not seen since January 2021. Employment activity slowed in June following accelerating rates each of the three months prior.
Related Content
-
Metalworking Activity Contracted in November
Contraction was hard to dodge with metalworking activity expansion steadily slowing since March.
-
Metalworking Activity Trends Slightly Downward in April
The interruption after what had been three straight months of slowing contraction may indicate growing conservatism as interest rates and inflation fail to come down.
-
Metalworking Activity Trends Down Again in June
The Metalworking Index closed at 44.3 in June, down 1.2 points relative to May, marking a 2024 low.