Strong end to 2024 despite mixed signals for manufacturing technology
U.S. Q4 GDP grew 2.3% at an annualized rate, according to the U.S. Bureau of Economic Analysis's first estimate for the quarter, released January 30.
The increase was driven by strong consumer demand, particularly from demand for durable goods, but held back by lagging investment, particularly for new equipment. Including the fourth quarter, GDP expanded by 2.8% through all of 2024.
“Today's GDP print for the fourth quarter showed strong growth from consumer demand for durable goods, the type of goods most commonly made utilizing the metalworking machinery AMT members make and sell,” said Christopher Chidzik, principal economist of AMT – The Association For Manufacturing Technology. “On the other hand, there was a sharp pullback in business investment in equipment. Despite this, orders for manufacturing technology began to rise through the fourth quarter of 2024. Continued demand from consumers and a rebound in investment could sustain the momentum of manufacturing technology orders well into 2025.”
INDUSTRIAL SUPPLY MAGAZINE
The January/February issue of Industrial Supply magazine features an in-depth cover story about MSC Industrial Supply. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
