U.S. cutting tool consumption falls
April U.S. cutting tool consumption totaled $142.9 million, down 24.7 percent from March's $189.8 million and down 31.1 percent compared with $207.5 million reported for April 2019.
With a year-to-date total of $717.5 million, 2020 is down 14.4 percent when compared with April 2019, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
“The precipitous drop in April cutting tool industry sales numbers confirms what many of us have experienced. The good news is that some economic forecasts and macro market indicators point to improvement as we enter the second half of the year,” said Bret Tayne, president of USCTI.
“The latest data from April simply quantifies how bad the news is for our industry. It also appears the bad news will continue through the months ahead. The drop in oil prices along with COVID-19’s impact on automotive, aerospace and support industries has left its trail of destruction,” said Steve Stokey, executive vice president and owner of Allied Machine and Engineering. “Survival and understanding the ‘new normal’ is what is driving most decisions nowadays. One positive tidbit to note is the resiliency of our industry. Companies have implemented changes and innovated at unprecedented speeds. The phrase ‘Innovate or Die’ has never been more relevant than it is today.”
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
