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Gardner Business Index: Precision Machining January 2024

Precision Machining activity contracted again in January, ending at a level unchanged relative to December.

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The Gardner Business Index: Precision Machining started the new year the way it ended 2023, closing January with an index of 45.9, almost exactly the same as December’s 45.8.

GBI: Precision Machining components were mixed in January, all of them contracting, a couple of them slower; others a bit faster and returning to December levels.

  • New orders departed from backlog and slowed contraction in January, the second month in a row.
  • Production coincided with new orders in January, also slowing contraction.
  • Backlog accelerated contraction, failing to sustain the slight slowing observed in December and landing on par with November.
  • Employment and exports behaved most like backlog as far as minimally accelerated contraction in January.
  • Supplier deliveries moved from flat to slightly faster lengthening, generally a good sign for business.
  • Business sentiment, not part of the GBI calculation, has been on a several month uptick that continued into January. It is, in fact, the highest it has been since May of 2022.
Line graph Precision Machining activity contracted in January, closing at 45.9. Source: Gardner Intelligence

Slowed contraction in new orders and production were offset by accelerated contraction in a combination of other components (reported as three-month moving average). Source: Gardner Intelligence

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