The Gardner Business Index (GBI) moved lower in November to 48.0, indicating a quickening contraction in business activity among U.S. manufacturers. Index readings above 50 indicate expanding activity while values below 50 indicate contracting activity. The further away a reading is from 50 the greater the magnitude of activity change. 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 expanding activity in new orders, supplier deliveries, employment and production. Conversely, backlogs and exports both pulled the Index lower, with backlog activity contracting at its fastest rate in over three years.
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