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US June machine tool demand up from year ago
WASHINGTON, Aug 10 (Reuters) - Demand for the machine tools that shape metal for products, such as car engines and refrigerators, rose in June from a year ago, two groups said in a joint report on Sunday.
U.S. June machine tool demand rose 2 percent to $360.43 million from $353.40 million a year earlier in June 2007, the American Machine Tool Distributors' Association (AMTDA) and the Association for Manufacturing Technology (AMT) said in a joint report.
But June demand was virtually unchanged from an upwardly revised $360.30 million estimate for May. May demand was initially estimated at $341.21 million.
In the first six months of 2008, demand for machine tools, which gives a sense of the pace of manufacturing, stood at $2.318 billion, up 15.3 percent from $2.011 billion in the same 2007 period.
"I think everyone is excited that the underpinning for productivity in our economic growth -- manufacturing technology equipment -- continues to grow at double-digit rates through the second quarter," AMT President John Byrd said in a statement.
"Industry analysts expect continued growth in the third quarter as manufacturers invest," Byrd said.
The machine tools report is generally based on a survey of about 200 manufacturers, distributors and importers of machine tools that represent 76 percent of the machine tool market. (Reporting by Melissa Bland;; Editing by Neil Stempleman)
