Finishing Activity Ended February Up 1.7 Points vs. January
The improved start to 2023 carried into February which closed at 51.3 compared to January’s index of 49.6.
The Gardner Business Index (GBI): Finishing closed February in growth mode, which has not been the case since August 2022.
- The favorable direction in which GBI components started moving in January continued into February, though three of them are still contracting.
- New orders slowed contraction the most in February, slowly making its way toward flat, when as many shops say new orders are up as say they are down.
- Backlog and production did the same, with production ending February just barely in growth mode, a first since August 2022.
- Export activity was unremarkable, contracting at about the same rate for three months straight, and contracting to some degree every month for nearly five years.
- Employment activity has consistently grown over time, though the rate has varied, February landing at a rather low level of growth.
- Supplier deliveries continued in February the slowed lengthening that began in November 2021. ‘More of the same’ for supplier deliveries suggests segment activity is far from stressing the system.
The Gardner Business Index (GBI): Finishing
February’s index crossed into growth mode for the first time since August 2022.
Key Component Activity
‘Slowed contraction’ was the name of the game for several components in February, production eking into growth mode.
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