Metalworking Expansion Steadily Slows
All components of metalworking activity contributed to the slowdown, most of them for the second month in a row.
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The Gardner Business Index for Metalworking has shown steadily slowing expansion for the past three months. The Index closed June at 54.8, down 6.4 points from March’s recent high of 61.2.
All components of the Index reflect the slowing expansion, most of them for the second month in a row. New orders slowed the most, landing as the lowest expansion component in June. Backlog and production behaved similarly in May and June. Even employment activity slowed in June following three months of accelerated growth. Supplier deliveries continued to slow to a level still much higher than is typical, while export activity continued its path of contraction.
GBI: Metalworking Closes June at 54.8
June marks a third month of slowing metalworking expansion, a trend we have not seen since June to September 2021. Images: Gardner Business Intelligence
Metalworking Index Components Reflect Slowing Growth
New orders have slowed the most since April, reaching a low not seen since January 2021. Employment activity slowed in June following accelerating rates each of the three months prior.
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