December cutting tool consumption up 8.1 percent
At $189.1 million, December U.S. cutting tool consumption was up 8.1 percent compared with the $175 million reported for December 2017.
According to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology, December's total was down 9.7 percent from November’s $209.42 million. With a year-to-date total of $2.47 billion, 2018 was up 12.5 percent when compared with 2017.
“December sales trended down 9.7% from a very good November and I believe that can be attributed to the holiday season and reduced number of working days. It was, however, the strongest December in the past three years and helped 2018 finish 12 percent higher than 2017,” said Phil Kurtz, president of USCTI.
According to Mark Killion, CFA, director of US Industry at Oxford Econmics, “At the end of a strong year, new orders for cutting tools slowed in the last 2 months of 2018, although remaining 8 percent above year ago levels in December. Rising trade tensions and associated market turmoil, perhaps also the looming shutdown of federal government, likely gave key buyers reason to be more cautious, such as those in metals, transportation equipment and industrial machinery.”
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
