The 2020 Mid-Year Economic Update_long

Manufacturing Technology Orders Up 41.5% in July

But new orders placed in July marked a 5.6% decrease from the previous month of June, according to the most recent U.S. Manufacturing Technology Orders report.
USMTO July 2021

U.S. manufacturing technology orders totaled $472.6 million in July, a 41.5% increase from the same month a year ago, according to the U.S. Manufacturing Technology Orders report published Monday by AMT – The Association For Manufacturing Technology.

New orders placed in July marked a 5.6% decrease from the previous month of June. The year-to-date total was just shy of $3 billion, a 48% increase from the total through July 2020.

“July is typically a soft month in any year, and despite the massive recovery we’re seeing, 2021 is no different,” said Patrick McGibbon, chief knowledge officer at AMT. “The difference between 2021 and any other year is the scale of orders our members are reporting going into the late-summer slump. Through the first seven months of 2021, orders are just a fraction off the pace to become the program’s second-highest annual total.

“The amplified pace of orders over the past several months has injected a degree of confidence into manufacturing not seen since before the pandemic. Increased onshore capacity and diversified supply chains have made lead times more predictable and inventories more consistent, allowing manufacturers closer to end-use customers to justify the capital expenditures we are seeing in this month’s USMTO orders. While this is the general trend in manufacturing, there still are industries where supply chain issues remain an impediment, particularly industries whose products rely heavily on computer chips.

“In line with the increase in orders from consumer-adjacent industries, the automotive and aerospace sectors also increased their share of total orders in July 2021. However, these industries have not maintained their pre-pandemic share of monthly orders because of the breadth of industries in need of manufacturing technology. July orders saw increases in motor vehicle stamping, food processing equipment, and agricultural equipment manufacturers.”

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