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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.