We can add this to what is already happening in trucking. Many of you guys are retired but believe me, it is not good. It has affected the ABF terminal here in Albuquerque all year.

U.S. machine shops’ and other manufacturers new orders for capital equipment increased from June to July, up 7.1% from the June total but now -5.1% behind the July 2018 total. Notably, despite the value of the orders increasing, the unit total recorded for the most recent month decreased to 2,011 machines, a drop of 145 units from June.

Through seven months of activity for 2019, the machine tool manufacturers have booked $2.635 billion worth of metal cutting and metal forming and fabricating equipment, a result that is -11.7% less than the comparable January-July 2018 period.

The machine-tool new orders data is provided by AMT – the Assn. for Manufacturing Technology in its monthly U.S. Manufacturing Technology Orders Report. The USMTO tracks new orders for metal cutting and metal forming and fabricating equipment as a leading indicator of industrial activity. The report is based on data supplied by participating producers and distributors of that equipment, and offers a leading indicator of industrial demand as machine shops and other manufacturers invest to complete planned or anticipated production programs.

July is just the third month of 2019 to register a month-over-month increase in new orders, but the industry is beset by larger economic uncertainty. AMT noted that the Institute for Supply Management’s August 2019 ISM® Purchasing Managers’ Index fell 2.1 percentage points to 49.1, the first dip below 50 in that index in nearly three years, indicating recession conditions in the manufacturing sector.