Gardner Business Index: Precision Machining June 2023

According to Gardner Intelligence, the Gardner Business Index: Precision Machining ended June with an index of 46.5, down two points from May’s 48.5. (See last month’s reading.)

GBI: Precision Machining component activity in June was, for the most part, a continuation of May as component declines combined to drive a two-point drop in overall Precision Machining GBI.

New order activity took a second dive in June.
The degree to which new orders are further contracting along with backlog, it is reasonable to expect that production, which contracted again this month, may see one of its more dramatic declines in the next month or so.
Supplier deliveries is the only component that held its own in June, lengthening at the same rate as in May.
Employment expanded for another month, but more slowly in June than May.
A good sign comes from the sentiment question that is not calculated as part of GBI — more shops believe business will be up in the next 12 months than believe it will be down.

Precision Machining Index

Precision Machining activity contracted in June, closing at 46.5.

Key Components (3-month moving average)

Production contracted for the second time this year and in June new orders saw a second month of rather dramatic decline.

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