January cutting tool consumption up by 10.5 percent
January 2022 U.S. cutting tool consumption totaled $159.9 million, a 10.5 percent increase compared with the $144.8 million reported for January 2021.
According to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology, the total was down 2.7 percent from December's $164.3 million.
“As the cutting tool industry continues to adapt to the changing economic climate on the globe, we see the sales volume moving back toward the pre-pandemic levels. Volumes that were expected to be higher were lowered by continued economic uncertainty, driven by inflation. The cutting tool industry’s willingness to adapt to changing market conditions will determine our future direction,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group.
Steve Stokey, executive vice president and owner of Allied Machine and Engineering, said the cutting tool data indicates we are continuing to trend in a positive direction, although the overall growth appears to be flattening. "If manufacturing was not already dealing with enough challenges coming out of the pandemic, it will now see how the war in Ukraine and the energy policies of this administration impact the numbers moving forward,” he said.
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