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With backlogs still growing at a strong albeit slower rate, capacity utilization should see accelerating growth through at least the end of 2018. 

Bucking the recent trend, the change in the 10-year Treasury rate has leveled off, indicating that the affect on spending may be relatively muted.

The annual rate of growth accelerated to 2.6 percent, which was the fastest rate of annual growth since March 2015.

Cutting tool orders in July were growing at the fastest annual rate since USCTI began releasing data, but the GBI indicates growth will decelerate soon.

Though IMTS tends to cause an upswing, GBI trends indicate that the rate of growth in machine tool orders will likely peak in early 2019.