The Precision Machining Industry continues to show solid sales in 2014. The PMPA Business Trends Index for July 2014 rose 3 points over last month (~2.5%) from 120 to 123. Up 8 points over July 2013.
According to the Fed, Industrial Production (IP) for July was up 0.4% and Factory Output was up 1%.
Our index out-performed these Fed Benchmarks.
Automotive is a market heavily served by our industry, and the Fed reported Auto Production to be up 10.1% in July.
We believe our industry’s strong sales performance was a result of the surge in auto production in July.
Forward looking sentiment of respondents for next three months rose for Profitability; leveled off for Sales; while Lead Time and Employment declined.
The July Industry sales was right at the average of industry sales for the year to date.
July garnered a strong report.