Machine tool orders rose slightly in October compared with a year earlier, the Association for Manufacturing Technology said in a monthly report.
Orders for machine tools and related equipment totaled $335.48 million for the month, 0.2% more than the $334.74 million for October 2015, McLean, VA-based AMT said. It was the third straight month with a year-over-year gain, according to the group.
October orders slid almost 33% from September’s adjusted $500.26 million. Orders for that month ballooned because of IMTS, the massive trade show in Chicago produced by AMT.
“We’re making up ground, albeit slowly,” Pat McGibbon, an AMT vice president, said in a video accompanying the report. “A good September. A modest October. A softer November. A little bit of a bump in December before we have a little bit of a lull for January through March.”
A steady increase in orders will begin in April or May, he said. “We’re going to have a year in 2017 that’s going to be better than in ’16 in most of our major markets.”
For the first 10 months, orders totaled $3.24 billion, down 5.6% for the same period in 2015. The figures are based on companies participating in AMT’s US Manufacturing Technology Orders program.
Full-year orders for 2016 will be down about 5% from 2015, McGibbon said. Orders will improve in 2017 in part because of rising oil prices, he said. This past weekend, major oil producing nations agreed to cut output to firm up prices.
The AMT video with McGibbon is below.