Composites industry gained back some ground in December
The GBI: Composites Fabricating contracted a little more slowly in December, landing between August and September 2023 values.
A step in the “right” direction. GBI: Composites Fabricating in December was up 0.6 points relative to November. Photo Credit, all images: Gardner Intelligence
The GBI: Composites fabricating activity remained in contraction in December, slowing a bit to close at a reading of 46.2 compared to November’s 44.9. While December marks the eighth straight month of contraction, the slight reading increase may be indicative of more positive readings heading into January 2024.
Employment’s contraction activity slowed down the most out of the other GBI components, almost nearing flat — perhaps a function of growing optimism for business in the next 12 months (not included in GBI calculation). Lower inflation and fewer supply chain concerns may have more shops gearing up for new orders. Other components, backlog and new orders, slowed in their contraction or stabilized, respectively. Production and exports continued on paths of slightly accelerated contraction while supplier deliveries remained flat.
Inching up. Employment and backlog likely contributed to December’s slowed contraction. (This graph shows three-month moving averages.)
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The GBI: Composites Fabricating closed January at around the same contractionary reading in December, with a majority of components following suit.
