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Gardner Business Index: Precision Machining February 2024
Precision Machining activity contracted a little slower in February, resuming its path inching toward flat.
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The Gardner Business Index: Precision Machining slowed contraction in February to the tune of 1.3 points, closing February with an index of 47.2, compared to January’s 45.9.
GBI: Precision Machining manifested movement in every direction across components.
- New orders and production slowed contraction for a second and third month in a row, respectively, with new orders moving 3.4 points since January. Production slowed contraction by 2.7 points.
- Backlog trailed behind, holding steady in contraction, and well below the other closely related key components.
- Employment continues to contract in a rather wobbly way, perhaps due to mixed signals evident in other components.
- Supplier deliveries held steady after lengthening slightly faster last month.
- Business sentiment, not part of the GBI calculation, continued to increase though to a slightly softer degree in February.
Precision Machining activity contracted in February, closing at 47.2. Source: Gardner Intelligence
New orders and production stood alone in slowing contraction as even backlog stayed its contraction course in February (reported as a three-month moving average). Source: Gardner Intelligence