According to the Association for Manufacturing Technology (AMT), U.S. manufacturing technology orders totaled $430.06 million in May.
This total, as reported by companies participating in the United States Manufacturing Technology Orders (USMTO) program, was up 13.6% from April but down 7.6% when compared with the total of $465.38 million reported for May 2012.
With a year-to-date total of $2,085.14 million, 2013 is down 6.9% compared with 2012.
"A rise in U.S. manufacturing technology orders is welcome as we move into the summer months, which are typically soft. New technologies are creating change in automotive production, while many aerospace manufacturers are making shifts within their supply chains," says Patrick W. McGibbon, AMT vice president - industry intelligence. "Contract machining is also seeing growth thanks to the cost advantages of manufacturing within the U.S. Meanwhile, foreign direct investment within the U.S. continues to increase, and all of these factors are contributing to new capital investment within manufacturing."
The report, compiled by the trade association representing the production and distribution of manufacturing technology, provides regional and national U.S. orders data for domestic and imported machine tools and related equipment. Analysis of manufacturing technology orders provides a reliable leading economic indicator as manufacturing industries invest in capital metalworking equipment to increase capacity and improve productivity.