Gardner Business Index: Precision Machining November 2022

The Gardner Business Index: Precision Machining contracted for a second month in November, closing at 47.9 compared to October’s 49.1. (See last month’s reading.)

GBI: Precision Machining component activity in November is essentially a repeat of October.

Production activity contracted again in November, though at a slower rate, landing at a level in line with October.
Exports activity did the same, contracting again in November, as it has for the past several months.
Backlog and new orders continued to contract at faster rates, suggesting new orders are not keeping pace with the chipping away at backlog.
Employment continued to expand at the same rate it has since September.
Supplier deliveries continued to lengthen at a slower rate, indicating supply chain issues are improving.

Precision Machining Business Index

Precision Machining activity continued to contract in November, closing the month at 47.9.

Key Components (3-month moving average)

GBI components, backlog and new orders were among the faster contracting components in November. Production activity still contracted, but at a slower pace in November.

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