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Metalworking Index Sets New Record, Lifted by Record Backlog

Metalworking Index Sets New Record, Lifted by Record Backlog
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Metalworking Index Holds Steady After Scorching First Quarter


The metalworking manufacturing industry reported constant expansion in April, with the Gardner Business Index (GBI): Metalworking holding steady at a reading of 62.2. 
The Metalworking Index remained at 62.2 in May. The reading for supplier delivery activity offset declines in new orders, production and employment.
The unchanged reading resulted from a rising supplier delivery reading that was offset by slowing expansion in most other index components. Supplier delivery activity posted its fifth sequential all-time high in May. The latest reading is almost 17 points above the pre-COVID high established in mid-2018. New orders, production and employment activity reported slowing expansion during the month. Export activity contracted for a second consecutive month after posting a multi-year high in March. ....

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Rising Supplier Delivery Reading Sustains Expansionary Index Trend


The Gardner Business Index (GBI): Finishing moved only marginally lower in February as five of the Index’s six components reported either slowing growth or, in the case of exports, contracting activity.  The index was largely supported by a 2-point gain in the supplier delivery reading.  In the six-month period through February, many business activity types including new orders, production and employment have generally reported modestly quickening expansion.  Measures of backlog and export orders activity have been more muted over this period while supplier delivery readings have soared into uncharted territory.  The reading for supplier deliveries -which moves higher as order-to-fulfillment times lengthen- has set three consecutive all-time high readings as of the February reading. ....

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