July U.S. machine tool consumption totaled $143.34 million, according to the Association for Manufacturing Technology, and the American Machine Tool Distributors' Association.
This total was down 29.5% from June and down 21% from the $181.36 million reported in July 2001. With a year-to-date total of $1.286 billion, 2002 is down 23.8% compared to the same period in 2001.
"The decline in July orders and the anticipated fall in August orders reflect the expected drop in an (International Manufacturing Technology Show) year," said Don F. Carlson, AMT president.
"The summer months preceding the biennial IMTS typically slow as customers await the unveiling of new products and technologies. Anecdotal evidence suggests an upturn in sales at IMTS in the face of the current market climate, leading to a strong finish for 2002," Carlson added.