The Gardner Business Index (GBI) experienced its first contraction reading in over two years, registering 48.2 for July. The Index has fallen 13.9% from the same month one-year ago. Gardner Intelligence’s review of the underlying data for the month observed that the Index – calculated as an average of its components – was supported by supplier deliveries and employment, which are often the slowest-responding components of the Index during a change in business activity. In contrast, new orders and production, the most sensitive Index components, both registered contracting readings for July – an event which has not happened since mid-2016. These components joined exports and backlogs in contracting during the month.Read more
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