Machine Tools Yet To Reverse Gear

ByJohn S. McClenahen Spurred on by this month's biennial International Manufacturing Technology Show in Chicago, makers and distributors of machine tools in the U.S. are hoping for a strong finish to 2002. That's understandable. The first seven months of the year were not kind to the industry. U.S. gross sales of machine tools was $143.34 million in July, down 29.5% from June and 21% from July 2001's mark of $181.36 million, reveal the most recent data jointly released by AMT-The Association for Manufacturing Technology and the American Machine Tool Distributors' Association. For this year's first seven months, consumption of machine tools totaled $1.286 billion, down 23.8% from the first seven months of 2001. Gross sales of metal-cutting machine tools during the first seven months of this year totaled $1.169 billion, down 24.5% from the first seven months of 2001. Gross sales of machine tools that form metal were $117.57 million during the first seven months of this year, down 15.1% from the first seven months of 2001.