Metalworking Index Extends Upward Breakout
All components of the Gardner Business Index: Metalworking sustained continued expansion in February.
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Another month of robust new orders for manufactured goods sent the GBI: Metalworking higher. Among only metalworking job shops, strong new order growth, increased supplier delivery activity, and an unprecedented backlog level sent the index to a multi-year high.
The strong growth of new orders over the last three months has resulted in increased backlogs. Job shops reported in February that supplier deliveries increased nearly 6 percent over the last month to improve their responsiveness to strong demand. (Chart of three-month moving averages does not illustrate single-month expansion.)
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