Machine Tool Unit Sales Up 99% in October
According to USMTC, machine tool sales in October were 98.7% (units) and 174.2% (real dollars) more than in October 2009. This is the strongest month-over-month growth in machine tool sales since at least 1965. Year-over-year growth in unit is 37.6% (units) and 73.2% (real dollars). The current up turn in machine tool sales is the strongest since 1971-73. When comparing the lowest to the highest year-over-year growth rate in that boom to the current boom in machine tool sales, the percentage point difference is almost the same. However, in this boom that growth has happened in just one year when it took a little over two years for that amount of growth to happen in the early 1970s. Industrial production and the Metalworking Business Index continue to point to strong machine tool sales. The duration of this boom will be determined by how long the consumer can maintain its rate of spending despite flat to slightly declining incomes and the contraction in credit. For more information on machine tool sales go here.