December 2022 cutting tool consumption totaled $188.4 million, according to the U.S. Cutting Tool Institute and The Association For Manufacturing Technology.
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Over the past 12 months, the all-items index increased 6.4% before seasonal adjustment, according to the Bureau of Labor Statistics.
Despite the decline in January, backlog remains elevated by historical standards and is 0.1 months higher than in February 2020.
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Despite experiencing a decrease from total orders in 2021, the manufacturing technology industry still recorded its third-best year in 2022.
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After getting back on track in December, factory orders are up four of the last five months.
Construction job openings also increased by 82,000 in December, according to an Associated Builders and Contractors analysis.
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It was the index's ninth straight month of decline, and third straight in contraction territory.
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Overall, construction input prices are 7.9% higher than a year ago, while nonresidential construction input prices are 7.6% higher, ABC said.
The 12.2% sales growth was the slowest monthly increase since July 2021, said HARDI Market Research & Benchmarking Analyst Brian Loftus.
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After reaching its highest total in three years in October, U.S. cutting tool consumption fell in November, but increased year-over-year.
The drop in factory orders followed three consecutive monthly increases.
Year-to-date orders for manufacturing technology orders dropped below 2021 for the first time in 2022, according to AMT's latest monthly report.
The cuts are nearly double the 10,000 layoffs Amazon said it was targeting in November.
