Posted July 12, 2017

May cutting tool consumption rises

May U.S. cutting tool consumption totaled $191.93 million, 14.2 percent higher than April’s $168.03 million.

The total was up 15.5 percent compared with $166.25 million reported for May 2016, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.

With a year-to-date total of $908.04 million, 2017 is up 5.8 percent compared with 2016.

“The cutting tool industry is feeling the strong activity, supported by May’s positive numbers,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group. “As domestic manufacturing growth is projected to continue, 2017 will be a much better year for the cutting tool industry.”

Steve Kline Jr., director of market intelligence at Gardner Business Media, added, “Cutting tool orders surged in May, growing at their fastest rate since December 2014. The GBI: Metalworking index continued to grow at an accelerating rate in June. Since it leads cutting tool orders by about six months, we expect cutting tool orders to grow at an accelerating rate for at least the remainder of 2017. Also, durable goods new orders, another excellent leading indicator of cutting tool orders, has shown continual improvement in 2017.”