Tool Orders Up for 1st Time in 3 Months
U.S. machine tool orders rose for the first time in three months, another sign the economy is strengthening, according to an industry survey.
Bookings for domestic and foreign-made tools surged 67% to $244.6 million in June from $146.36 in May, the Assn. of Manufacturing Technology and the American Machine Tool Distributors Assn. said.
Orders rose 3.3% from June 2002, the first time monthly orders grew from the corresponding year-earlier period since November 2000. The increase was helped in part by a change in the tax code that allows small businesses to write off the value of some purchases.
From Bloomberg News
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