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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 manufacturing sector's confidence in the direction of our national economy continues to grow,'' said Ralph J. Nappi, President of the American Machine Tool Distributors' Association. ''May machine tool consumption builds upon a 6 month trend of strong capital investments made by U.S. manufacturers. All indications point to continued investment for the rest of the year despite the machine tool industry's recent challenges of product supply.''
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.
Northeast Region machine tool consumption in May stood at $33.53 million, down 2.7% compared to April's $34.46 million but up 74.8% when compared to last May. With a year-to-date total of $150.11 million, 2004 is 68.5% ahead of 2003 at the same time.
May Southern Region machine tool consumption totaled $25.66 million, down 4.2% from the April total of $26.79 million but up 13.0% when compared to May a year ago. The year-to-date total of $142.06 million was 0.2% higher than the comparable figure a year ago.
With a May total of $98.79 million, machine tool consumption in the Midwestern Region was 20.6% higher than April's $81.90 million and 63.8% higher than the total for May 2003. The $436.02 million year-to-date consumption total was 52.2% ahead of the total at the same time in 2003.
Machine tool consumption in the Central Region in May totaled $42.97 million, up 23.3% compared to April's $34.84 million and up 46.8% when compared to May a year ago. At $188.93 million the year-to-date total was 53.7% higher than the comparable figure for 2003.
Totaling $23.35 million, May Western Region machine tool consumption was off 10.6% compared to April's $26.13 million but up 67.4% when compared to the previous May. The year-to-date total of $124.24 million puts this year 71.2% ahead of 2003 at the same time.