The recovery in machine tool orders continued in June with both a monthly gain and an increase from year-earlier orders, the Association for Manufacturing Technology said.
June orders totaled $373.19 million, a 6.5% increase from an adjusted $350.29 million for May, McLean, VA-based AMT said in a monthly report.
The June figure was also up 10% from $338.52 million in June 2016, AMT said. June was the fifth straight month with a year-over-year gain, according to AMT.
The figures for machine tool orders are based on information from companies participating in AMT’s US Manufacturing Technology Orders program.
“The buzz among our (USMTO) members underscores that a recovery is indeed underway,” Douglas K. Woods, AMT’s president, said in an e-mailed statement.
Machine tool orders began to slide in mid-2014 amid declining demand because of low oil prices. This year, Woods said, the aerospace market “is hot” and automotive orders rose sharply.
USMTO members “look forward to a broadening of the recovery into areas like agricultural, construction, power generation and off-road machinery industries,” Woods said in the statement.
For the first half of the year, machine tool orders rose 7.1% to $2.04 billion, up from $1.91 billion for the first six months of 2016, AMT said.
The AMT data was in sync with other manufacturing economic indicators.
The Institute for Supply Management’s manufacturing index, based on a survey of purchase and supply executives, has shown manufacturing expanding for 11 straight months through July. Manufacturing added 16,000 jobs in July, including 13,000 in durable goods, according to the US Bureau of Labor Statistics.