United States manufacturing orders have decreased by about five percent so far already in 2020. This was not able to be predicted, either. They thought that it would remain flat, but the pandemic has caused a different outcome. Many people are still working and layoffs have not gone up, so people are still spending and returning to a normal way of purchasing. Right now, the decrease in manufacturing is related to lower confidence in the current economy.
Key Takeaways:
- Douglas K. Woods of AMT said the MT sector was expected to be flat, but it was down due to the pandemic’s impact.
- The manufacturing industry is expected to be down about 50% before beginning to rebound in late 2020 or early 2021.
- Woods added that employment is the good news, with two straight months of national gains.
“U.S. manufacturing technology orders decreased 5% in May from the previous month to $219.4 million, according to the latest U.S. Manufacturing Technology Orders report published by AMT – The Association For Manufacturing Technology (McLean, VA).”
