November GBI Saw a Drop in Moldmaking Activity
The moldmaking index experienced a high degree of accelerated contract, primarily driven by production, new orders and backlog readings.
GBI: Moldmaking activity was down 3.5 points in November. Photo Credit, all images: Gardner Intelligence
Moldmaking activity experienced accelerated contraction to a fairly large degree in November, hitting a new 2023 low. The Gardner Business Index (GBI) Moldmaking ended the month at a reading of 42, a full 3.5 points down from October.
Three closely connected components drove the contraction. New orders, production and backlog all saw accelerated contraction, following what had been a stable month prior for new orders and production. Higher material prices, reported the past few months in both moldmaking and plastics, may be affecting these components as far as reducing new orders which, in turn, contracts production and backlog. Alternately, employment and exports components slowed their contraction in November. Employment may be returning to a more normative state after aggressively contracting starting in July 2023.
Supplier deliveries stayed the same, just shy of flat.
New orders, production and backlog drove the November drop. (This graph is on a three-month moving average.)
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