While what has been an extraordinarily robust manufacturing economy has softened in recent months, and the near-term outlook appears to be more of the same, the overall scenario remains strong. Even a possible recession next year does not appear to be an obstacle to continued growth over the next few years.
The Metalworking Business Index has registered consistent expansion in recent months, with shops that use advanced equipment like five-axis reporting accelerating expansion.
The Gardner Business Index: Metalworking had a July reading of 61.2, indicating a slowing expansion, while supplier backlogs and new orders remain largely unchanged.
The Gardner Business Index: Metalworking showed a reading of 63.8 for June, breaking its all-time high for the second time this year.
The Gardner Business Index: Metalworking held at a reading of 62.2 through April, indicating a constant level of expansion.
Slow supply chains and rising prices are still challenges in the near-term.
Despite the passing of the holiday shipping rush, deliveries times lengthen further, impairing production and raising backlogs.
The Gardner Business Index: Metalworking reached a 53.6 reading for December 2020, closing the year with a nearly two-year growth high.
The Gardner Business Index: Metalwork fell to 50.2 in November 2020, indicating that while growth has continued, it is slowing and could turn to another contraction.
Metalworking posted a ‘no-change’ (reading of 50.0) month in September thanks to expanding production and new orders activity for the first time since COVID-19 began disrupting the global economy.
The reading hits a record low as new orders contract, exports shrink and unemployment soars.
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