Posted November 1, 2017

Cutting tool consumption higher in August

August U.S. cutting tool consumption totaled $196.23 million, up 11.6 percent when compared with $175.81 million reported for August 2016.

The total was up 14.8 percent from July’s $170.95 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology. With a year-to-date total of $1.462 billion, 2017 is up 7.7 percent when compared with 2016.

“The U.S. cutting tool market continues to benefit from a growing domestic economy. 2017 to 2016 comparisons are all positive,” said Steve Stokey, president of USCTI. “Current indicators such as the PMI, industrial production, and consumer confidence point to continued positive growth for the industry as we move into 2018.”

“Cutting tool orders continued their strong growth in August as the month-over-month increase was in double digits for the third time in four months,” said Steve Kline Jr., director of market intelligence at Gardner Business Media. “Cutting tool orders are right in line with what I would expect given the strong performance of the GBI Metalworking Index in 2017. For almost the entire year, the index has been higher than at any time in the last five years. As the index leads cutting tool orders by about six months, I expect strong growth in cutting tool orders well into 2018.”