- January 30, 2025
- Amt – The Association For Manufacturing Technology
- News
Summary
The U.S. Bureau of Economic Analysis has announced the first estimate of GDP for the fourth quarter of 2024.
On January 30, 2025, the U.S. Bureau of Economic Analysis shared the first GDP estimate for the last quarter of 2024. The economy grew at a rate of 2.3% annually. This growth was fueled by strong consumer spending, especially on durable goods. However, investment in new equipment lagged behind.
“The latest GDP figures show robust growth driven by consumer demand for durable goods, which are often produced using the machinery made by AMT members,” said Christopher Chidzik, AMT’s principal economist. “On the downside, there was a notable drop in business investment for equipment. Still, we saw an increase in orders for manufacturing technology as 2024 closed. If consumer demand stays strong and investments pick up, manufacturing technology orders might continue to rise in 2025.”
Keep an eye out for the upcoming U.S. Manufacturing Technology Orders (USMTO) report from AMT, which will include details on metalworking machinery orders until December 2024, set to be released on February 10.
About AMT
AMT–The Association for Manufacturing Technology is known for producing and selling metalworking machinery, or machine tools. They also provide the workholding, tooling, inspection equipment, and automation crucial for modern manufacturing.
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