U.S. cutting tool consumption up 4.5 percent
February U.S. cutting tool consumption totaled $174.98 million, up 1.1% from January’s $173.05 million and up 0.6% when compared with the total of $173.88 million reported for February 2016.
With a year-to-date total of $348.02 million, 2017 is up 4.5% when compared with 2016, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
“There is a feeling of optimism in the air that is backed up by the positive growth the cutting tool market data shows after the first 2 months of the year,” says Steve Stokey, president of USCTI. “Manufacturing continues to be a hot topic and continues to have a seat at the table in the new Trump administration. The strong dollar will continue to challenge our ability to export but with the US automotive and aerospace markets remaining steady, it should provide a firm foundation for growth as the other industrial sectors rebound from a weak 2016. This should bode well for cutting tool manufacturers.”
Scott Hazelton, managing director of Economics & Country Risk at IHS Markit, adds that, “The economy is enjoying improved business and consumer confidence, resulting in strong momentum in employment growth and single family housing as well as a rebound in nondefense capital spending, including the important energy sector. Consumption of cutting tools is forecasted to respond with increasing growth over the year. Acceleration of growth in 2018 is expected as tax reform and infrastructure investment enhance the investment outlook.”