The most recent Cutting Tool Market Report shows a drop from the prior month, but overall numbers remain comfortably strong in a year to year comparison.The report, prepared jointly by the U.S. Cutting Tool Institute (USCTI) and AMT - The Association for Manufacturing Technology, measures U.S. cutting tool consumption at $209.42 million for November 2018.
The number is down 6.3 percent from October, but also 13.2 percent above the figure from November 2017. The improvement is roughly on par with overall improvements for the calendar year. The 11-month total for 2018 stands at $2.28 billion, 12.9 percent above the 2017 pace.
“The numbers for November are very encouraging,” says Steve Stokey, chairman of the AMT board of directors and owner and executive VP of Allied Machine and Engineering. “We are seeing the same trends from Month/Month that we saw in 2017. The Year/Year and YTD/YTD are still strong. All signs point to continued growth in 2019 but with a cautious eye on how oil prices, tariffs, and interest rates impact consumer confidence. Low unemployment continues to offer challenges to finding qualified talent. This is good news for those in the workforce.”
The report is generated from self-reported totals from participating companies. The majority of the U.S. market for cutting is represented.