Machine tool orders in February advanced sharply on a monthly basis, AMT – The Association for Manufacturing Technology said today.
Orders for the month totaled $467.8 million. That was up 33% from an adjusted $351.7 million in January.
AMT said February’s figure was the third-best February recorded. It was, however, 1.6% below the $475.65 million for February 2022, the No. 2 February, according to the trade organization. Still, AMT said February 2023 was about 50% better than a typical February.
“Manufacturing technology orders remain at a historically elevated level,” Douglas K. Woods, president of McLean, Va.-based AMT, said in a statement.
The group said industries including the auto industry, fabricated metal products, and other transportation manufacturers increased orders in February.
For the first two months of the year, orders totaled $819.6 million. That was down 11% from $917.3 million for the same period a year ago.
The figures are from companies participating in AMT’s U.S. Manufacturing Technology Orders (USMTO) program.
The first quarter of 2022 saw orders almost reach $1.5 billion, the best first quarter since 1998.
Since then, the economy generally and manufacturing in particular have started to cool off. The Federal Reserve has increased interest rates to lower inflation.
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