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This total, as reported by companies participating in the USMTC program, was up 45.5% from November and up 18.1% from the total of $167.84 million reported for December 2001. With a year-end total of $2,060.04 million, 2002 was down 22.8% compared to 2001.
These numbers and all data in this report are based on the totals of actual data reported by companies participating in the USMTC program.
"The machine tool industry closed a dismal 2002 on a high note," said Ralph J. Nappi, AMTDA president. "Increased orders for the month from one year ago (+18%) and a substantially better posting over November (+45%) may indicate the beginning of a long awaited and needed recovery. Coupled with three consecutive months of manufacturing growth as reported by the Institute for Supply Management, this gives the machine tool industry hope that China is not going to take away all U.S. manufacturing."
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.
With a December total of $23.51 million, Northeast Region machine tool consumption was up 30.6% compared to November's $18 million, but off 19.5% compared to last December. The year-end 2002 total of $311.25 million was down 29.7% from the comparable figure for 2001.
Southern Region machine tool consumption in December stood at $38.04 million, 31.8% higher than November's $28.86 million, and 40.4% higher than the total for December a year ago. Closing out the year at $353.65 million, machine tool consumption was off 6.1% from 2001.
Midwestern Region December machine tool consumption rose to $74.79 million, up 54.5% from November's $48.40 million, and 10.8% higher than the total for December 2001. At $747.08 million, the year-end total machine tool consumption was off 27.4% compared to 2001.
Totaling $33.72 million, December machine tool consumption in the Central Region was up 34.8% from November's $25.02 million, and up 23.9% when compared to December a year ago. The 2002 year-end total of $403.57 million was off 17% from the comparable figure for the previous year.
Western Region machine tool consumption in December totaled $28.13 million, 76.9% higher than November's $15.90 million, and 67% above the total for December 2001. With year-end machine tool consumption totaling $244.48 million, 2002 was down 26.6% when compared to 2001.