June’s Gardner Business Index (GBI) reading of 44.7 brought the GBI closer to a reading of ‘50’ for a second month of slowing decline in manufacturing.
June’s reading of 44.7 brought the Gardner Business Index closer to a reading of ‘50’ for a second month. Stated differently, the June data indicate that a shrinking proportion of manufacturers experienced worsening conditions and a growing proportion experienced unchanging or improving conditions relative to May. Recent activity reported by broad economic indicators of the economy including a rebound in consumption spending and a precipitous drop in weekly initial claims for unemployment since late March support the impression that the economy is nearing the ‘bottom’ of the decline caused by the initial costs brought on by COVID-19.
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