November U.S. cutting tool consumption up 13.2 percent
November 2018 U.S. cutting tool consumption totaled $209.42 million according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was down 6.3 percent from October’s $223.46 million and up 13.2 percent when compared with the $184.97 million reported for November 2017. With a year-to-date total of $2.28 billion, 2018 is up 12.9 percent when compared with 2017.
“November 2018 Cutting Tool Industry data continues to supports strong sales. Increasing raw material prices and skilled labor shortages have taken their toll in the short run but have not hurt the increased performance of 2018 when compared to 2017. The market continues to watch trade negotiations that have dragged into 2019, and the potential impact they could have on manufacturing,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group.
According to Steve Stokey, executive vice president and owner of Allied Machine and Engineering and chairman of AMT board of directors, “The numbers for November are very encouraging. 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.”
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