Metalworking Activity Trends Down Again in June
The Metalworking Index closed at 44.3 in June, down 1.2 points relative to May, marking a 2024 low.
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Metalworking activity contracted at a faster rate in June. June closed at 44.3, down 1.2 points relative to May, marking a 2024 low.
Most contracting components picked up the contraction pace in June, with each of new orders, production and backlog down at least 2 points. Exports also contracted faster in June, a trend last observed at about the same time two years ago (2022). Employment was the exception, contracting at a steady rate in June.
Supplier deliveries lengthened at a slightly increased rate again in June. Time will tell what is driving that trend, since it does not appear to be increased demand. Expectations regarding future business remained positive, but to a lesser degree than in May.
The Metalworking Index contracted faster in June. Source: Gardner Intelligence
New orders, production and backlog contracted faster in June (3-MMA = three-month moving averages). Source: Gardner Intelligence
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