The Association for Manufacturing Technology (AMT) reported that new orders of manufacturing technology were $411.3 million in June 2023. The number is up 12.7% from May 2023, but down 1.7% from June 2022. Year-to-date orders were $2.5 billion, down roughly 13% from the previous year.
“Orders of manufacturing technology have continued their downward trend since peaking in the second half of 2021; however, for perspective, they remain above historical averages,” said Douglas K. Woods, president of AMT. “Even in non-IMTS years, the majority of orders tend to come in the second half of the year. Despite some headwinds, including fears of a recession, it would seem reasonable that manufacturing technology orders could outperform some of the more pessimistic expectations if we return to that historical trend.”
Job shops only increased spending by 4.2%, well below industry growth.
Year-to-date orders for manufacturing technology from the automotive transmission and powertrain parts manufacturing sector are at the second-highest level since the first half of 2015.