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December U.S. machine tool consumption totaled $162.37 million, according to AMTDA - the American Machine Tool Distributors' Association, and AMT - The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTC program, was up 11.7% from November but down 46.0% from the total of $300.51 million reported for December 2000. With a year-end total of $2,649.98 million, 2001 was down 34.1% compared to 2000.
These numbers and all data in this report are based on the totals of actual data reported by companies participating in the USMTC program.
"December machine tool orders were indicative of a year that the machine tool industry is happy to close," stated Ralph J. Nappi, president of the American Machine Tool Distributors' Association. "Orders for manufacturing technology equipment in 2001 were down substantially once again, posting a 55% decline from our peak in 1997. Despite the decision by Congress to shelve the stimulus package, manufacturing indicators are not suggesting we are on the road to recovery yet. The only good news about our economy is we are likely at the bottom. But how long do we need to be here? This is why accelerated depreciation, increased expensing, and even investment tax credits, should be implemented to ensure a quick and steady economic recovery."
The United States Machine Tool Consumption (USMTC) report, jointly compiled by the two trade associations representing the production and distribution of manufacturing technology, provides regional and national U.S. consumption data of domestic and imported machine tools and related equipment. Analysis of machine tool consumption provides a reliable leading economic indicator as manufacturing industries invest in capital metalworking equipment to increase capacity and improve productivity.
U.S. machine tool consumption is also reported on a regional basis for five geographic break-downs of the United States.
At $22.94 million, December machine tool consumption in the Northeast Region was up 2.3% compared to November's $22.42 million, but down 60.7% compared to December a year ago. With a year-end total of $435.52 million, 2001 machine tool consumption was 35.4% behind the 2000 total.
December machine tool consumption in the Southern Region totaled $27.05 million, up 33.4% from November's $20.27 million, but off 28.1% compared to December 2000. At $374.71 million, 2001 machine tool consumption was 34.1% lower than the previous year's total.
Midwestern Region machine tool consumption totaled $68.74 million in December, up 15.9% compared to November's $59.31 million, but down 28.6% when compared to the previous December. Closing the year at $1,022.27 million, 2001 machine tool consumption was down 28.1% when compared to 2000.
December machine tool consumption in the Central Region totaled $26.41 million, off 3.8% from November's $27.47 million, and off 53.7% compared to December 2000. With a year-end total of $483.93 million, machine tool consumption was down 30.7% when compared to 2000.
Totaling $17.22 million, December Western Region machine tool consumption was up 8.2% compared to November's $15.92 million, but down 66.4% from the total for December 2000. At $333.54 million, 2001 machine tool consumption was off 49.5% compared to the previous year.