Moldmaking Industry GBI Follows Industry in Contraction Trend
The October Gardner Business Index (GBI) for moldmaking experienced a second month of contraction.
GBI: Moldmaking contracted for the second straight month in October. Photo Credit, all images: Gardner Intelligence
The Gardner Business Index (GBI) Moldmaking contracted for the second month in a row, closing October at 47.1, a low not seen in nearly two years. The 1.6-point decrease from September reflects a directional trend that other industries — in addition to moldmaking — are manifesting, including metalworking and plastics processing.
New orders continued to contract in October, but at a slower pace than September. Not surprisingly, backlog and production contracted as well. (This graph is on a three-month moving average.)
Similar to September, more components contracted than expanded for the month — four out of six components, to be exact. Backlog and new orders remained neck and neck, and exports continued contract at a steady rate. Employment continued its growth mode in October, to the same degree as September, though anecdotal evidence suggests employment is still not at sufficient levels. Supplier deliveries continued to lengthen at a rate that lands it in more typical territory.
Related Content
-
May Moldmaking Index Trends Downward
Contraction, experienced by most May components, continues to be familiar territory for the GBI: Moldmaking Index.
-
Moldmaking Sector Sees Future Optimism Despite Current Challenges Subhead
Strong future expectations signal potential rebound as automotive and medical sectors prepare for growth.
-
Moldmaking Activity Begins 2024 With Slowed Contraction
January index reading reflects February-March 2023 readings as it slinks toward a reading of 50. There are high hopes that it may continue on this path to sustained expansion for 2024.
