Composites industry GBI contracted faster in July
The GBI: Composites maintains its consistent downward trend for the fifth month in a row.
Index consistency. GBI: Composites Fabricating in July was down 1.6 points from June. Photo Credit, all images: Gardner Business Intelligence
The Gardner Business Index (GBI): Composites Fabricating closed July at 46.4, down 1.6 points from June. If there is comfort in consistency and predictability (not to be confused with stability), the Composites Fabricating index has a lot to offer.
Most index components have been declining and, in some cases, “contracting,” since March/April 2023. The three closely linked manufacturing GBI components, new orders, production and backlog, contracted faster again in July. Exports contracted at a steady rate, continuing this same level of activity since April 2022.
Employment and supplier deliveries tracked similarly again, both remaining in expansion and lengthening, respectively — though employment just barely. Employment is threatening to go “flat,” and may even contract in the near future.
Future business, a sentiment/outlook metric that is not part of the GBI calculation but related to it, offers evidence of optimism in a July read that reports more people think business will be up (versus down) in the next 12 months.
Components contracting. Three closely linked manufacturing GBI components, new orders, production and backlog, contracted faster again in July. (This graph is moving on a three-month moving average.)
Related Content
-
Composites industry GBI holds its own in August
The GBI: Composites Fabricating ended August with slowed expansion but managed to stay above water, with all component indices continuing to show slowed rates of growth.
-
Composites industry continues early 2022 trends into June
As in May, a majority of the components in the Gardner Business Index (GBI): Composites Fabricating continue movement into slowed expansionary growth.
-
GBI: Composites Fabricating contracted in April
The Gardner Business Index closed April down 1.1 points, continuing its journey from expansion in February, to flat in March and ultimately contracting in April.
