Machine tool orders surpassed $500 million in April, the second consecutive month above that level, AMT – The Association for Manufacturing Technology said today.
Orders totaled $513.4 million for the month, AMT said. That was down 6.8 percent from March’s $550.6 million.
However, the April figure was 27.5 percent above April 2021’s $402.8 million. For the first four months, orders totaled $1.98 billion, 26.6 percent higher compared with the same period last year.
The April figure reflects “ongoing consumer spending, particularly fueled by demand for manufactured goods, such as aerospace and other capital-heavy industries,” Douglas K. Woods, AMT’s president, said in a statement.
“Based on available economic projections, we had anticipated orders to gradually soften through the middle of the year,” he added. “However, that pullback has not happened, and signs point to above-average orders for manufacturing technology into the beginning of the summer.”
AMT cautioned an economy facing inflation and higher interest rates may have an impact in the longer run.
“There’s clearly been a lot of news related to declining consumer sentiment, everything from inflation to high interest rates to the war in Ukraine,” Woods said.
Russia invaded Ukraine in February, setting off a protracted conflict. Western nations implemented sanctions against Russia. All of that has led to rising oil prices and gasoline has reached an average of $5 a gallon in the U.S. The Federal Reserve is raising interest rates to cool down the economy in an attempt to address inflation.
The figures in today’s report are from companies participating in AMT’s U.S. Manufacturing Technology Orders (USMTO) program.
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June 13, 2022 at 09:22PM
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