The 2020 Mid-Year Economic Update_long

Manufacturing Technology Orders Down 1.9% in October

But new orders placed in October marked a 3.7% increase from the previous month, according to the most recent U.S. Manufacturing Technology Orders report.
US Manufacturing Technology Orders January 2021

U.S. manufacturing technology orders totaled $383.8 million, a 1.9% decrease from the same month a year ago, according to the U.S. Manufacturing Technology Orders report published by AMT – The Association For Manufacturing Technology.

But that was the smallest decrease of 2020, and new orders placed in October marked a 3.7% increase from September and the highest monthly total of the year. Orders to date reached $3.07 billion, a decrease of 20.2% from the 2019 YTD total.

“All metrics point to a continuation of economic recovery in the manufacturing technology sector,” said Douglas K. Woods, president of AMT. “Industrial machinery orders were strong in many industries relative to this time last year. The mold and die sector experienced strong growth for the second straight month, with orders being multiples of typical numbers and strongly indicating that mold and die manufacturing is being reshored. Pandemic-related needs for secure supplies of medical equipment, as well as continued strong growth for consumer products such as appliances, also contributed to this growth. Consumer products grew due to a continued strong housing market; housing starts in the last two months have been higher than any time since 2007.

“Additionally, we’re seeing large investments in capital equipment in the automotive sector with substantial investments going to EVs and hybrid vehicles, while some traditional manufacturing lines are just being refurbished versus replaced. The rail industry is also investing – largely to refurbish both rail cars and infrastructure – as transport of goods by rail to centralized warehouses for home delivery continues to grow as a consequence of the pandemic.

“Unfortunately, the news is still not promising in the lagging aerospace and oil & gas sectors, as these sectors are still experiencing weak growth, and we do not foresee any significant uptick in growth in either sector in the foreseeable future.”

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