Gardner Business Index: Precision Machining November 2023

The Gardner Business Index: Precision Machining closed November with an index of 44.0, down 0.8 points from October’s index.

GBI: Precision Machining components in November all contracted at about the same rate or at accelerated rates relative to October.   

• New orders and backlog continued to contract at the same steadily accelerating rates that have had them tracking on top of each other for five months straight. 
• Production contraction accelerated the most in November, landing the closest it has been in a few months to new orders and backlog.
• Employment has been on a path of steadily accelerating contraction since August, maintaining position as the least contracted component.
• Exports continued ‘business as usual’ contraction, which has been in place for the past two years.
• Supplier deliveries continued lengthening ever so slowly, closing less than one point away from flat. 

Precision Machining activity contracted in November, closing at 44.0. Photo Credit: Gardner Intelligence

Closely connected components — new orders, backlog and production — continued to solidly contract in November (reported as 3-month moving average). Photo Credit: Gardner Intelligence