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US Machine Tool Industry Sees Upswing

Manufacturing in the United States will begin an upswing in first-quarter 2002, one that will build throughout the year and extend beyond 2003, according to speakers at the 29th annual Forecasting & Global Marketing Conference recently.

More than two dozen forecasters, experts, and speakers from various manufacturing sectors found themselves in nearly unanimous agreement regarding the near-term state of the economy, according to The Association for Manufacturing Technology (AMT), sponsor of the conference.

“The outlook for the domestic economy is upbeat in spite of the disaster of September 11,” said Larry Chimerine, president of Radnor International Consulting. “The structural fundamentals developed in the late 1990s were so well-built that the 15-month economic slowdown could turn around as soon as the first quarter of 2002, and capital spending will follow in four to six months. Corporate profits will soar after the first six months of 2002.”

Peter Toja, president of Economic Planning Associates, pegs the turnaround and economic recovery as possibly starting in the first quarter of 2002 if rapid fiscal and monetary policy responses are implemented. “Increased spending in energy, infrastructure, and security — coupled with corporate tax incentives and financial assistance to airlines — should help smooth the way to recovery,” Toja said.

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