Gardner Business Index: Precision Machining March 2024
Precision Machining activity in March looks similar to February, with contraction slowing while staying on its path toward flat.
Share
The Gardner Business Index: Precision Machining contracted in March, but at a slower rate, landing at 48.3, up 1.1 points from February’s 47.2.
GBI: Precision Machining components mostly contracted at slower rates.
- Slowed contraction in new orders and production primarily contributed to slowed contraction in the overall index.
- Backlog also contracted at a slower rate, for just the second time in over one year (last slowed contraction was in February 2023.)
- Employment, which continues to contract inconsistently, accelerated contraction in March.
- Supplier deliveries held steady in expansion for the second month in a row, which means they are lengthening. This is a sign that deliveries are picking up.
- Business sentiment (not part of the GBI calculation), which is long-standing in “expansion” mode, leveled off in March.
Precision Machining activity contracted slower in March, closing at 48.3. Source: Gardner Intelligence
New orders, production, and backlog slowed contraction in March, influencing the overall index (reported as a three-month moving average). Source: Gardner Intelligence
RELATED CONTENT
-
Gardner Business Index: Precision Machining November 2022
According to the GBI for Precision Machining, component activity in November is essentially a repeat of October.
-
Gardner Business Index: Precision Machining August 2022
Precision Machining saw another slowing of GBI growth in August, the magnitude of deceleration smaller than July’s, which was smaller than June’s.
-
Gardner Business Index: Precision Machining December 2022
According to the Gardner Business Index (GBI) for Precision Machining, component activity in December is essentially a continuation of November.
