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January U.S. machine tool consumption totaled $217.03 million, down 29.1% from December but up 20.8% from the total of $179.62 million reported for January 2004, according to statistics by the American Machine Tool Distributors' Association and the Association for Manufacturing Technology. A drop from December was expected as a federal capital bonus depreciation program ended in December.
These numbers and all data in this report are based on the totals of actual data reported by companies participating in the USMTC program.
"Keeping pace with December was not going to be easy due to the end of bonus depreciation," said Ralph J. Nappi, AMTDA president. "Yet we start the year 20% ahead compared with January 2004, which is evidence that manufacturing still recognizes the benefits of investing in new capital equipment."
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 nationalU.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 January stood at $26.33 million, 40.7% less than December's $44.40 million but 13.9% ahead of January 2004.
At $42.92 million, Southern Region machine tool consumption in January was off 20.6% from December's $54.05 million, but 63.9% higher than the total for January a year ago.
Midwestern Region machine tool consumption in January totaled $74.51 million, down 35.5% when compared to December's $115.46 million and off 0.2% when compared to last January.
Machine tool consumption in the Central Region in January stood at $43.43 million, down 16.9% compared to December's $52.29 million, but up 50.1% when compared to January a year ago.
At $29.84 million, Western Region machine tool consumption in January was down 24.9% compared to December's $39.71 million, but up 11.7% compared to January 2004.