Composites activity contracted faster for the third month in a row
GBI: Composites Fabricating landed at 41.6, becoming one of the index’s more significant declines in 2024 so far.
GBI: Composites Fabricating in July is down 3.5 points from June. Source (All Images) | Gardner Intelligence
July’s GBI: Composites Fabricating activity landed on an index that is down for the third month in a row, dropping nearly 8 points from the start of the slide just 3 months ago in May 2024.
The composites index has company in contraction across other industries, but the scope, pace and degree of its declines are among the more significant. Higher level domestic and global factors are impacting manufacturing across the board, but that does little to abate what appears to be a tightening of Composites Fabricating activity, specifically.
Accelerated contraction in new orders and production appears to be a primary driver of the index’s overall accelerated contraction. (This graph shows three-month moving averages.)
New orders and production components accelerated contraction for the second month in a row, driving the overall index decline. Backlog did the same.
Employment accelerated contraction for the first time since March 2024, while exports continued what appears to be an accelerated contraction path.
Supplier deliveries continued to lengthen at a pace on the slow side.
Business sentiment (not included in GBI calculation) remained on the positive side in July, but it is showing signs of weakening.
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