December U.S. cutting tool consumption rose 9.5 percent
December 2021 U.S. cutting tool consumption totaled $164.3 million, up 2.2 percent from November's $160.7 million and up 9.5 percent when compared with the $150.1 million reported for December 2020.
With a year-to-date total of nearly $2.0 billion, 2021 is up 8.3 percent when compared to the same time period in 2020, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology..
“The cutting tool industry continues to rebound from the pandemic's impact in 2020. Projections for 2022 are positive for the industry, with expectations of a full recovery to pre-pandemic levels in 2023. With that said, we still face headwinds from inflation, supply chain disruptions, and problems with workforce hiring and retention,” said Jeff Major, president of USCTI.
Bret Tayne, president of Everede Tool Company, also spoke on the difficulties that the cutting tool industry might face, saying, “December cutting tool sales data continue to show a moderate upward trend. Year over year and YTD sales continued to improve at a pace similar to the prior three months but at a slower pace than we experienced for April through August. It will be interesting to see how developments in January, such as the widespread increase in Omicron variant cases and Federal Reserve announcements on policy shifts, affect the next data set.”
INDUSTRIAL SUPPLY MAGAZINE
The July/August issue of Industrial Supply magazine features an in-depth cover story about Singer Industrial. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Rachael Radford, as well as interviews with numerous product and distribution industry experts.
