Gardner Business Index: Precision Machining December 2023
While still contracting, Precision Machining activity in December showed its first real uptick since August 2023.
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The Gardner Business Index: Precision Machining closed December with an index of 45.8, up 1.8 points from November, ending the year on a mostly ‘neutral’ note.
GBI: Precision Machining components generally saw stable or slowed contraction in December, with one exception.
- Supplier deliveries were essentially flat in December, meaning reports of lengthening and shortening deliveries were about the same.
- New orders and backlog remained the most contracted components, both slowing — still tracking together — and inching closer to production’s level of contraction.
- Employment, the least contracted component, also saw a slight slowing of contraction in December.
- Production and exports posted stable contraction for the month.
- Business sentiment, not part of the GBI calculation, continued the upward trend in place since June 2023.
Precision Machining activity contracted in December, closing at 45.8. Photo Credit: Gardner Intelligence
Slowed contraction in new orders and backlog likely drove the same in December’s Precision Machining index. Expectations for future business are optimistic to start the new year (reported as 3-month moving average). Photo Credit: Gardner Intelligence
