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October U.S. machine tool consumption totaled $234.44 million, according to the Association For Manufacturing Technology and the American Machine Tool Distributors' Association. This total, as reported by companies participating in the USMTC program, was down 38.9% from September (the highest monthly total in four years) but up 46.5% from the total of $159.98 million reported for October 2003. With a year-to-date total of $2,379.98 million, 2004 is up 42.6% compared with 2003.
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 International Manufacturing Technology Show in September and the year-end expiration of the 50% Expensing Allowance have generated a boost in year-end orders," said John B. Byrd III, AMT President. "U.S. manufacturing now needs Washington to extend the Expensing Allowance as a permanent incentive and address product liability reform while the Administration has momentum working for it."
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.
October machine tool consumption in the Northeast Region totaled $36.53 million, down 36.0% compared to September's $57.05 million but up 65.6% compared to October a year ago. At $350.69 million, year-to-date machine tool consumption was 54.6% higher than the comparable figure in 2003.
Standing at $30.25 million, Southern Region October machine tool consumption was down 36.0% compared to September's $47.23 million, but was 42.5% higher than the tally in October 2003. The year-to-date total of $349.31 million was up 3.0% when compared to 2003 at the same time.
Totaling $102.12 million, October machine tool consumption in the Midwestern Region was off 31.5% from September's $149.16 million but 47.9% higher than the total for last October. With a year-to-date total of $945.18 million, 2004 is running 42.1% ahead of 2003 at the same time.
Central Region machine tool consumption in October stood at $38.89 million, down 48.0% compared to September's $74.84 million but 33.5% higher than the October 2003 total. At $429.18 million the year-to-date total was 57.4% higher than the comparable figure for 2003.
October machine tool consumption in the Western Region totaled $26.65 million, down 52.0% from September's $55.55 million but up 44.0% compared to October a year ago. The year-to-date total of $305.62 million was 84.3% higher than the 2003 total at the same time.