Gardner Business Index: Precision Machining May 2022
Precision Machining’s slowed expansion in April stayed about the same in May.
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The Gardner Business Intelligence (GBI) Precision Machining Index closed May at 58.7, compared to April’s 57.9.
The Index indicates component activity in May was generally a continuation of April. (See last month’s reading.)
- Production and new orders continued expansion at a slowed rate.
- Employment expanded at an accelerated rate for the third month in a row.
- Backlog expansion is an exception with it not slowing again in May.
- Exports continued to contract at slightly faster rates.
Precision Machining Index
May shows stable-to-ever-so-slight acceleration of Precision Machining’s expansion.
Backlog, New Orders and Production (3-month moving averages)
• New orders and production saw a second consecutive month of slowed expansion.
• Backlog activity departed from other indicators, expanding at about the same rate as in April.
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