Gardner Business Index: Precision Machining May 2023

According to Gardner Intelligence, the Gardner Business Index: Precision Machining showed a May index of 48.5, very close to April’s 48.9. (See last month’s reading.)

GBI: Precision Machining component activity in May generally went further and faster in the directions manifested in April.

The three metrics that contracted in April contracted faster in May, including new orders which had just barely begun to contract in April. Other contracting metrics that did more of the same in May are backlog and exports.
Production went from expanding in April to flat in May, a value not seen since September 2022.
New order activity took a bit of a nosedive into contraction in May.
Employment and supplier deliveries leveled off in May.
The sentiment associated with the components is consistent, with more shops saying business is improving slower.

Precision Machining Index

Precision Machining activity contracted in May, closing at 48.5.

Key Components (3-month moving average)

Components, production and new orders saw rather dramatic changes in May with production dropping to flat and new orders contracting faster.

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