Leading indicators in the U.S. and Europe are beginning to decline, indicating growth in the industrial sector will begin to slow by early 2022. Machinery orders in the agricultural and construction equipment markets were up from 2020 through May; however, slowing growth is likely in 2022 for the construction equipment market due to declining leading indicators.
Europe Agricultural and Forestry Machinery Production was also up through May from 1 year ago, and is expected to continue rising in the near term. Germany Industrial Production is up, but may be hindered in the near-term due to recent flooding.
NOTE: All data for charts supplied by ITR Economics