The 2020 Mid-Year Economic Update_long

Machine Tool Consumption Falls in October

October U.S. manufacturing technology consumption totaled $273.85 million, according to the Association for Manufacturing Technology and the American Machine Tool Distributors'Association. This total, as reported by companies participating in the USMTC program, was down 43.4% from September and down 32.3% from the total of $404.36 million reported for October 2007. With a year-to-date total of $3,802.41 million, 2008 is up 8.2% compared with 2007.

These numbers and all data in this report are based on the totals of actual data reported by companies participating in the USMTC program.

October orders for manufacturing technology declined sharply from September, although year-to-date figures are still up over 2007,"said Robert K. Simpson, AMT president. "While orders ...

October U.S. manufacturing technology consumption totaled $273.85 million, according to the Association for Manufacturing Technology and the American Machine Tool Distributors’Association. This total, as reported by companies participating in the USMTC program, was down 43.4% from September and down 32.3% from the total of $404.36 million reported for October 2007. With a year-to-date total of $3,802.41 million, 2008 is up 8.2% compared with 2007.

These numbers and all data in this report are based on the totals of actual data reported by companies participating in the USMTC program.

October orders for manufacturing technology declined sharply from September, although year-to-date figures are still up over 2007,”said Robert K. Simpson, AMT president. “While orders typically fall off in the October following IMTS, the larger than normal rate of decline is attributed to our customers”wait and see’attitude given the deteriorating economic conditions.”

The United States Manufacturing Technology Consumption (USMTC) report, jointly compiled by the two trade associations representing the production and distribution of manufacturing technology, provides regional and national U.S. consumption data of domestic and imported machine tools and related equipment. Analysis of manufacturing technology consumption provides a reliable leading economic indicator as manufacturing industries invest in capital metalworking equipment to increase capacity and improve productivity.

U.S. manufacturing technology consumption is also reported on a regional basis for five geographic breakdowns of the United States.

Northeast Region
Manufacturing technology consumption in the Northeast Region in October totaled $39.72 million, down 47.7% when compared with September’s $75.91 million and 40.9% less than the total for October a year ago. The $548.07 million year-to-date total is 0.2% above the comparable figure for 2007.

Southern Region
Southern Region manufacturing technology consumption in October totaled $28.34 million, 64.4% less than the $79.53 million total for September and down 29.8% when compared with last October. At $569.79 million, the 2008 year-to-date total is 26.9% higher than the comparable figure a year ago.

Midwest Region
At $92.79 million, October manufacturing technology consumption in the Midwest Region was 36.8% below the September total of $146.72 million and 46.4% less than in October 2007. With a year-to-date total of $1,281.55 million, 2008 is up 10.7% when compared with 2007 at the same time.

Central Region
Central Region manufacturing technology consumption stood at $77.95 million in October, down 41.5% when compared with September’s $133.24 million, and down 11.1% when compared with October 2007. At $950.83 million, the 2008 year-to-date total is 5.3% higher than the comparable figure for 2007.

Western Region
October manufacturing technology consumption in the Western Region totaled $35.05 million, 27.2% less than September’s $48.17 million, and down 2.9% when compared with the total for October a year ago. The $452.17 million year-to-date total is down 1.0% when compared with 2007 at the same time.

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