Manufacturing technology orders made year-over-year gains in April according to the latest U.S. Manufacturing Technology Orders report from AMT – The Association For Manufacturing Technology. It was also the first month that orders showed gains year to date for 2017.
Monthly orders were up 12.3% compared to April 2016, and year-to-date orders were up 2.1% compared to the same point last year. The gains are in line with other indicators that show strength in manufacturing: growth in industrial production and consumer sentiment; PMI above 50 for the ninth consecutive month, indicating expansion; and business confidence at its highest level in 13 years.
“A combination of strong quotation activity and adjustments to inventory give us a promising outlook for capital equipment investment through the rest of 2017,” says AMT President Douglas K. Woods. “We are cautiously optimistic in the positive direction for the manufacturing technology market. On one hand, we’re bolstered by the Conference Board CEO Confidence Index hitting its highest level since May 2004, but also balancing off reductions in auto sales projections and flat oil prices, which have impacted some of our key sectors.”
April 2017 manufacturing technology orders totaled $324.46 million, up from $288.80 million in April 2016. Year-to-date orders totaled $1,290.34 million, up from $1,263.45 million at the same point in 2016. USMTO is a reliable leading economic indicator as manufacturing companies invest in capital metalworking equipment to increase capacity and improve productivity.