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August Manufacturing Technology Orders Fall Short of 2023

Outlook optimistic for remainder of 2024

Quality Digest
Mon, 11/11/2024 - 12:00
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(AMT: McLean, VA) -- Orders of manufacturing technology, measured by the U.S. Manufacturing Technology Orders (USMTO) report published by AMT (the Association for Manufacturing Technology), totaled $360.8 million in August 2024. These orders for metalworking machinery increased 22.7% from July 2024 but fell 12% short of August 2023 orders. Year-to-date orders reached $2.81 billion, a decline of 11.5% compared to the first eight months of 2023.

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While orders continue to lag behind those placed in 2023, the level of order activity remains above historic levels. August 2024 orders are 3.8% above those placed in a typical August. This trend indicates the industry is still undergoing a period of normalization following the Covid disruptions, rather than a true decline. Historically elevated capacity utilization rates across durable goods manufacturers indicate a very real need for additional investment in manufacturing technology.

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