Manufacturing technology orders for November were $458 million, up 7 percent compared to the year-ago period, but down slightly from October levels, according to the latest U.S. Manufacturing Technology Orders report from AMT—The Association for Manufacturing Technology.

Fourth-quarter order levels are running considerably higher than the year-ago period, according to AMT, but are not at “the frenetic pace set by third-quarter 2018 order values,” the association said. Year-to-date, orders are up 22 percent to $5 billion.

“Orders in the third quarter were amazing, and no one expected that pace to continue into the last three months of 2018,” AMT President Doug Woods said in a statement announcing the report. “The single-digit October and November year-over-year growth rates are a harbinger of what we’ll see in early 2019, but our members are confident growth will continue as the aerospace industry ramps up to reduce order backlogs, medical equipment demand grows with the graying of North America, and the auto sector drives capex investment deeper into the supply chain.”

AMT’s monthly report provides regional and national order data for domestic and imported machine tools and related equipment. Analysis of manufacturing technology orders provides a leading economic indicator, as manufacturing industries invest in capital metalworking equipment to increase capacity and improve productivity.