Moldmaking Index Continues Slowing Expansion Trend
The Gardner Business Index (GBI) and the majority of its components showed up in June at a slowing rate of expansion that has not been seen since early 2021.
GBI: Moldmaking defied history in June, with slowing growth for the third month in a row.
The Gardner Business Index (GBI): Moldmaking closed June at a reading of 52.9. History suggested the Moldmaking Index would bounce back in June after two months of slowed expansion. Instead, June’s reading marks a low that the Index has not seen since January 2021 (53.1). This month’s reading can be described in one word: Deceleration.
New order growth slowed last month (May) for the first time in 2021 and posted an even bigger slowdown in June. Employment, which has been growing very fast since February, slowed for the first time in June. (This graph is on a three-month moving average.)
Except for export readings, growth for every moldmaking component slowed in June. Three indices that can move in synch with each other — new orders, backlog and production — posted the biggest changes, slowing down more than the other components. Supplier deliveries continue to lengthen, but at a slower rate, an indicative trend each month this year. Moreover, employment growth had its first slowing since February 2022, but remains at one of its highest readings in years.
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