Orders of manufacturing technology, measured by the U.S. Manufacturing Technology Orders Report published by AMT – The Association For Manufacturing Technology, totaled $343.3 million in February 2024.
Orders of manufacturing technology, measured by the U.S. Manufacturing Technology Orders Report published by AMT, totaled $338 million in January 2024, a 31% decline from December and a 3.7% decline from January 2023.
At the AMT Winter Economic Forum, economists predicted the upcoming year will feature several opportunities for manufacturers as the economy comes in for a soft landing, including 8% growth in manufacturing technology orders. Is your company ready?
In an upside surprise, December 2023 orders of manufacturing technology totaled $491 million, up nearly 22% from November 2023, and nearly 12% above December 2022, according to the U.S. Manufacturing Technology Orders Report published by AMT.
Despite a soft economic landing, U.S. manufacturing technology orders, per the U.S. Manufacturing Technology Orders Report published by AMT, saw a 10.3% decline to $399.8 million, contributing to a year-to-date drop of 13.3% compared to 2022.
Despite a more optimistic outlook, orders for manufacturing technology, measured by the USMTO report, continued to fall relative to 2022. Through October 2023, orders totaled $4.05 billion, 13.5% behind the total for the first 10 months of 2022.
When facing the prospect of industry-specific slowdowns or a rolling recession, it is important to use the data most applicable to your industry to track your performance and anticipate changing customer demand.
Recent trends captured by the U.S. Manufacturing Technology Orders Report published by AMT – The Association For Manufacturing Technology indicate that orders for manufacturing technology indeed responded “very, very quickly” to the rate-hiking cycle.
While there are many sources of data that you can find in a Google search, there is no specific source like the U.S. Manufacturing Technology Orders (USMTO) program that AMT administers.
Comparing USMTO data to industrial production data in past recessions provides interesting insight into what to expect in future downturns.