Metalworking Activity Stayed Consistent in July
Metalworking activity hung together better in July, with all but one GBI component contracting.
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Metalworking activity contracted again in July, closing at 45.6, about the same as June’s 45.4. The metalworking activity picture hung together better in July, with all but one component contracting. The one exception was supplier deliveries, which continued to lengthen — but more slowly — suggesting more-than-manageable volume and resolution of disruption.
Employment contracted for the first time in almost three years, reaching a level last seen in December of 2020. Most longtime contracting components contracted faster again in July, keeping new orders, backlog and production on trend. Future business, a separate but related non-GBI metric, expanded again in July at a slightly faster rate.
Metalworking GBI in July is about the same as in June. Photo Credit: Gardner Intelligence
New orders, backlog and production contracted faster again in July (3-MMA = three-month moving averages). Photo Credit: Gardner Intelligence
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