U.S. machine tool orders declined in
April for the third time in the last four months, an industry
survey showed, as industrial capacity use in the U.S. fell to the
lowest in almost 20 years.
Orders for domestic and foreign-made tools fell 2.1 percent
to $169.6 million, the Association of Manufacturing Technology and
the American Machine Tool Distributors Association said. In April
of last year, bookings totaled $171.8 million. Machine tools are
used to make parts ranging from tractor hoods to airplane wings.
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Sustained investment in business equipment is needed to help
the economy accelerate, economists said. Unused productive
facilities have made companies reluctant to invest. In April, the
proportion of factory, mining and utility capacity in use dropped
to 74.4 percent, the lowest since 74 percent in June 1983.
Bloomberg News
