Metalworking activity contracted in July - holding steady with June - which interrupts what had been three months straight of accelerating contraction. July closed at 44.2, about the same as June's 2024 low of 44.3.
Employment has been slowly heading toward flat and, along with exports, was one of the five contracting components that did not contract at an accelerated rate in July.
While new orders, production and backlog contracted faster in July, stabilization of employment and exports, combined with supplier deliveries lengthening at a steady pace, appears to have influenced July's flat overall index.
Expectations regarding future business remained positive and steady in July.
Published 8/7/2024 on Modern Machine Shop
