According to the latest U.S. Manufacturing Technology Orders report from the Association For Manufacturing Technology, machine tool orders for May 2016 fell 18.2% compared to May 2015. Through the first five months of 2016, orders are down 16.7% compared to the same point the prior year. However, as orders were down just 1.4% compared to April, this may indicate that the overall order decline is slowing.

May 2016 manufacturing technology orders were valued at $277.74 million, compared to $339.50 million in May 2015. Year to date, total orders stand at $1,512.26 million, compared to $1,815.93 million at the same point a year ago.

“Overall we are seeing improved sentiment from manufacturing technology providers, as certain key industry sectors are indicating signs of growth – in particular agriculture, which has been stagnant for an extended period, and a resurgent aerospace industry,” said AMT President Douglas K. Woods. “The general economy looks healthier with an especially strong jobs report for June and improved consumer sentiment. With the latest PMI coming in at 53.2, we’re optimistic that the elements are coming together for recovery in manufacturing and the manufacturing technology market over the next several months.”

Concerns around Britain’s vote to exit the European Union and its potential impact on U.S. manufacturing also appear to be easing, as industry forecasters predict only a mild effect for the manufacturing technology market. Some economists predict it could even encourage foreign direct investment into the United States as companies look to do business in places other than the United Kingdom.