The November Metal Working Business Index was 43.7 showed that the metal working industry contracted for the fifth consecutive month in a row.
Its lowest level since July 2009. Last March 2012 the MBI was expanding at 57.0. New orders fell to 40.9 from 45.0, its lowest level since July 2009. Also back logs fell to 33.7 from 41.0 again reaching its lowest level since July 2009. Steve's thought is the election and the fiscal cliff weighed heavily on results.
Future business expectations fell to 57.0 from 63.3, meaning the metal working facilities have not become overly negative about the future. What does this mean? If they are not making as many tools and machines for making metal parts this means eventually metal finishing will see a decline in its business 6-12 months later. Lets hope this is not correct!