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August Finishing Activity: Continued Contraction; Closes at 46.5
Finishing activity reports a degree of redemption in August, ending the month up 1.4 points compared to July.
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The Gardner Business Index (GBI): Finishing contracted again in August for the fifth month in a row.
- Almost all components contracted in August. Included this month is employment, just barely contracting for the first time in nearly three years.
- Production contracted in August at the same rate as July, as was the case for most segments.
- Backlog and new orders contracted faster in August like they have over the past few months.
- Exports saw a faster rate of contraction again in August.
- Supplier deliveries were the hold-out, continuing to lengthen at a slower pace that appears ‘normal’ relative to the pandemic-induced swing that sustained for a couple of years.
- Future business, a sentiment question asked in the GBI survey but not used in the calculation, continued to look up, with more shops expecting more business in the next 12 months.
The Gardner Business Index (GBI): Finishing
Finishing’s index contracted again in August.
Key Component Activity
Employment crept into contraction while production contracted at a steady rate in August.
