February cutting tool consumption up 12.8% from last year
February 2022 U.S. cutting tool consumption totaled $167.6 million, an increase of 4.8 percent from January's $159.9 million and up 12.1 percent compared with the $149.5 million reported for February 2021.
With a year-to-date total of $327.5 million, 2022 is up 11.3 percent when compared to the same time period in 2021, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
“Monthly data since March 2021 has been averaging approximately $166 million per month with limited monthly variation,” said Costikyan Jarvis, president of Jarvis Cutting Tools. “This contrasts with the overall economy, which experienced constant GDP growth over the same period. Of special concern is that during this period, the economy saw significant inflationary pressure, which would suggest actual output is even lower relative to 2019. The two main users of cutting tools, automotive and aerospace, continue to have challenges.”
Despite the numerous headwinds, Jeff Major, president of USCTI had a more optimistic outlook, saying, “The cutting tool market started sluggishly in January but rebounded in February. The indices for durable goods and cutting tools continue to run parallel in an upward trend. With the supply chain challenges and volatility overseas, many companies are looking at re-shoring, which should bode well for our industry in the future.”
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