Machine tool orders rose in August on both a monthly and year-over-year basis, the Association for Manufacturing Technology said today.
Orders totaled $380.16 million in August, AMT (McLean, VA) said. That’s a 16 percent gain from an adjusted $328.62 million in July. It’s also a 14% advance from $332.62 million in August 2016.
“The market for manufacturing technology is in the midst of a significant recovery,” Pat McGibbon, an AMT vice president, said in a statement.
For the first eight months, machine tool orders totaled $2.78 billion, up 11% from the same period in 2016.
The figures for machine tool orders are based on information from companies participating in AMT’s US Manufacturing Technology Orders program.
AMT said in the statement that the machine tool recovery “has not been smooth.” Regions and industries experiencing an uptick in orders change from month to month, the group said. AMT said “the signs are for a rocky but continuing climb in orders into 2018.”
Proposed Tax Cut
Machine tool orders began to slide in mid-2014 amid falling oil prices. Orders improved in the second half of 2016 but a sustained recovery didn’t start until March.
Like many business groups, AMT favors a US business tax cut. Such a reduction would “build an even stronger basis on which to invest in US manufacturing capacity,” Douglas K. Woods, president of AMT, said in the statement.
President Donald Trump wants to revamp the US tax code, including cutting business taxes.