Posted November 8, 2017

September cutting tool consumption up compared to last year

September U.S. cutting tool consumption totaled $174.92 million according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.

This total was down 10.9 percent from August’s $196.23 million and up 1.9 percent when compared with the total of $171.68 million reported for September 2016. With a year-to-date total of $1.637 billion, 2017 is up 7.0 percent when compared with 2016.

“The year to date increase, the stock market performance and the positive forecasts at the AMT Global Forecasting Conference provides further confidence that the manufacturing industry will continue its growth,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group.

Gregory Daco, chief U.S. economist at Oxford Economics, commented that, “Despite usual summer month volatility, year-to-date cutting tool shipments remains 7% above their 2016 levels. Durable goods shipments data confirm this positive backdrop with growth up 5% year-over-year in September. Looking ahead, durable goods orders are rising at a 8.3% year-over-year clip in September, and leading manufacturing indicators point to elevated domestic and global confidence. Passage of a pro-growth tax cut package could further boost business activity and optimism, but the risk of protectionist measures still looms over the outlook.”