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Finishing Activity Contracts in September, Closes at 44.4
The slowed contraction seen in August appears to have been a blip as finishing activity contracted faster again in September to another two points.
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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.
