Orders for metal cutting and metal forming and fabrication manufacturing technology in the United States in November fell by 2.4% compared to October 2016, a new report by The Association for Manufacturing Technology (AMT) released on Tuesday said.
Orders in November 2016 totaled $329.61 million from $337.58 million documented in October. On a year-to-date basis, orders were 5.1% lower in comparison with the same period in 2015, the organization said
Though a drop was registered, AMT’s U.S. Manufacturing Technology Orders report said that growth may be on the horizon.
“While our industry endured some challenges in 2016, books for the last few months of the year were better than expected and early input on January is very promising, particularly in the aerospace and job shop sectors,” said AMT’s president, Douglas K. Woods, in a statement. “We’re seeing some improvements in the overall economy, with post-election business confidence on the rise as demonstrated by strong performance in the financial and equity markets.”
AMT’s U.S. Manufacturing Technology Orders report found that orders in the motor vehicle, aerospace, and job shop sectors grew in the final months of 2016, “indicating capital investment in anticipation of a need for additional capacity.”
“Some leading economic indicators suggest stronger activity ahead,” a press release announcing the report said, noting that new orders and production from American factories climbed to “their highest levels since 2014” last year. The Purchasing Managers Index from ISM rose for four consecutive months to 54.7 in December.
The organization said orders for manufacturing technology may experience a resurgence this spring.
“We hope the new presidential administration and Congress keep that momentum going by focusing on comprehensive tax reform, global competitiveness, and building a skilled workforce to ensure a strong future for U.S. manufacturing,” said Woods.