Machine Tool orders dropped significantly in February according to the latest U.S. Manufacturing Technology Orders (USMTO) Report.
Orders totaled just over $337 million in February, a 15% decline from the previous month and a 7% decline year over year. According to the report, the decrease was driven largely by a substantial decrease in orders from the aerospace and turbine industries. That, combined with only modest order gains in the automotive industry, was enough to offset gains elsewhere.
While the monthly decline was substantial, USMTO officials did stress that January 2019 was a record month for orders. At a little over $735 million, the year-to-date order total is down less than 1% from 2018.