U.S. machine tool industry reaches a nadir; monthly sales dip to lowest level ever.

The U.S. machine tool industry is in a depression. Sales in April totaled just $97 million, down 41.5 percent from March and a 78 percent drop from the same month in April 2008, when the industry sold $435 million worth of equipment, according to the U.S. Manufacturing Technology Consumption survey conducted by The Association for Manufacturing Technology and the American Machine Tool Distributors' Association. April consumption was the lowest one-month total since the AMT and AMTDA started reporting data and it might be the lowest monthly level of machine tool consumption since the Depression. April is usually a strong month for machine tool consumption.

Year-to-date total consumption of machine tools was only $497 million, down 70.7 percent compared to 2008.

Those in the industry expect the situation to worsen--if it could possibly be any worse--due to the bankruptcy of General Motors and Chrysler and the typical slowdown experienced during the summer months.

The industry is trying to survive, and the longer the drought in orders, the more difficult it will be for companies to maintain workers and capability. Most companies in the industry typically prepare for slow periods, ...