Precision Machining Index Continues Expansion, Hits 57.4 in March

The Gardner Business Index (GBI): Precision Machining measures the current state of precision machining activity through survey responses covering new orders, production, backlog, employment, exports and supplier deliveries. A reading above 50 indicates expansion; below 50 indicates contraction.

The Precision Machining Index marks third month of expansion with 57.4 in March.
Source (all figures): Gardner Intelligence

The Precision Machining Index accelerated again in March, recording its third consecutive month of expansion with an increase to 57.4. March results for production and new orders are near historic highs as both have surpassed the 60 mark, the strongest readings since early 2021 and among the highest ever recorded for the Index. Supplier deliveries join that group with month-over-month improvement, while other components saw regression. Five of six components are above 50 and three-month averages for all components have exceeded year and month-ago results. Uncertainty from recent geopolitical events seems to impact the Future Business Index, declining recently with a relatively flat reading three-month average of 72.

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The GBI Components Scorecard reports the monthly change rate of primary precision machining market factors contributing to the overall monthly index reading.

All components three-month averages exceeded month and year ago results and five of six indicate expansion.

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 precision machining 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 Future Business Index slows in March with a three-month average of 72.0.

Find the latest precision machining market research and reporting at GardnerIntelligence.com.