The Gardner Business Index (GBI): Finishing contracted again in September, marking six months straight of decline.
All but one component contracted in September, including a solid second month of contraction in employment.
New orders and backlog reported the deepest and fastest contraction, down 8.7 points and 5.7 points, respectively, over the past six months.
Not surprisingly, production also contracted at a faster rate in September.
Exports contracted faster again in September, but not to a dramatic degree. The steady contraction in exports over the past six months (March–Sept 2023) was previously observed in the almost parallel six-month period one year ago (Feb–Aug 2022.)
Supplier deliveries were again the hold-out, lengthening in September at about the same rate as August.
The Gardner Business Index (GBI): Finishing
Finishing’s index in September marks six months straight of contraction.
Key Component Activity
New orders and backlog each marked six months straight of accelerating contraction.
