U.S. cutting tool consumption down 9.9 percent from October
November 2020 U.S. cutting tool consumption totaled $151.3 million, down 9.9 percent from October's $167.9 million.
The total was down 20 percent when compared with the $189.1 million reported for November 2019, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
With a year-to-date total of $1.7 billion, 2020 is down 22.7 percent when compared with November 2019.
“As we know the cutting tool industry is dependent on the health of the nation's manufacturing economy, and we see recovery is in process. The industry numbers reflect the usual year end fluctuations, but in general there is optimism for continued recovery,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group.
Chris Kaiser, executive advisor at Big Kaiser, said the year-over-year numbers reflect what the company is seeing and hearing from the metalworking industry in general. "We see the effects of the pandemic again in this month's report, but there is some improvement over the lows of last summer. In general, orders for consumable products for ongoing production are faring better than new capital equipment but low interest rates, relatively easy access to capital and another round of PPP for small companies under 300 employees, might help speed up this recovery for 2021.”
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