New orders for metal cutting, forming and fabricating machinery (manufacturing technology) totaled $402.3 million in June 2024, according to the Association for Manufacturing Technology’s monthly U.S. Manufacturing Technology Orders Report (USMTO).

The total was up 4.3% vs May, and down 1.6% year-over-year.

Year-to-date, orders through June totaled $2.2 billion, down 10.7% from the first half of 2023.

“Orders of manufacturing technology are down nearly 11% in the first half of 2024 compared to 2023, but that difference has narrowed in the past several months after the beginning of the year failed to meet the optimistic expectations formed from anticipated interest rate cuts and strengthened consumer and business sentiment,” AMT’s June report stated, released Aug. 12.

The June USMTO report also shared the following:

• Contract machine shops — the largest customer of manufacturing technology — decreased their orders from May to June 2024 by 10% in both the number of units ordered and the total order value. The number of units ordered fell drastically reaching its lowest level since the first half of 2010.
• Primary metal manufacturers pulled back machinery orders in 2024, dropping to the lowest levels in both unit count and value since the first half of 2010. The World Steel Association reported global steel production was flat in the first half of 2024 compared to the first half of 2023.
• The aerospace sector has increased orders in the first of 2024 to the highest number of units since the first half of 2018. However, value of orders remains approximately 2% below orders places in the first half of 2022.