Metalworking Index Reaches Expansion for First Time in 2 Years
After two years of contraction, the Metalworking Index has finally turned a corner. A recovery that started in October has reached a milestone, fueled by increased production and new orders, signaling cautious optimism for the industry.
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The Gardner Business Index (GBI): Metalworking measures the current state of metalworking and machining activity through survey responses covering new orders, production, backlog, employment, exports and supplier deliveries. A reading above 50 indicates expansion, and below 50 indicates contraction.
The Metalworking Index rose above 50 in March to indicate market expansion for the first time since February 2023. The reading of 50.7 now makes six consecutive months of improving conditions for the metalworking sector. This month’s increase, like many before it, was driven in large part by significant gains in new orders and production, while other index components saw modest improvements or remained relatively flat. All components saw growth over the previous month and only exports failed to exceed March 2024 readings.
The GBI Components Scorecard reports the monthly change rate of primary metalworking market factors contributing to the overall monthly index reading.
Reading the Scorecard:
- Color indicates where a component value falls relative to 50 for the current month. Green indicates expansion, and red indicates contraction.
- Shade indicates a value's distance from 50. The darker the shade, the further from 50.
- Direction indicates a value’s change versus the previous period. Pointing up is always better.
The GBI Future Business Index is an indicator of the future state of the metalworking market from industry respondents regarding their opinion of future business conditions for the next 12 months. Over 50 is expansion, and under 50 is contraction.
The outlook from the Future Business Index has declined from early-year optimism amid concerns over tariff legislation, but remains relatively strong.
Find the latest metalworking market research and reporting at .
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