After having seen a steady growth of the Qimtek CMI index, July shows a fall from 195 to 154, a drop of 21%.
Fabrication is the same as June but Machining is the main reason for the fall with fall of 30% compared to June. The Other process stands for the remaining of the fall.
The trend for Machining has been upwards in the last 12 months with a few drops which have been mainly due to a drop in projects. July's project volume is higher than average but, the companies posting have a smaller outsourcing spend in machining.
The usual suspects are posting like Baker Perkins, Tesla Engineering and Rotork but, some of the other large ones are missing this month.
It would be easy to blame Brexit but, as our volume of projects is higher than average, I think it is too early to draw any conclusions.
The breakdown by industry and that is where the component being manufactured is ending up, Food & Beverages is by far the largest sector this month followed by Electronics and Industrial Machinery. Looking back over the last 12 months, these sectors are usually the largest in Machining.
You can read more about the Qimtek CMI index here.