Posted July 15, 2019

May cutting tool consumption down from year ago

May 2019 U.S. cutting tool consumption totaled $213.4 million, up 2.9 percent from April's $207.5 million and down .8 percent when compared with the $215.1 million reported for May 2018.

With a year-to-date total of $1.1 billion, 2019 is up 5.2 percent when compared with 2018, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.

“The Cutting Tool Market is now showing indications of the promised overall slowdown in the economy. The YTD/YTD numbers are no longer showing the double digit growth of 2018. Summer domestic slowdowns, international trade issues and global declining economies are confirming a changing Cutting Tool Market,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group.

According to Steve Kline Jr., chief data officer at Gardner Business Media, “May’s cutting tool orders were quite strong as only eight of the last 89 months had a higher total in real dollars. However, compared with one year ago, orders have contracted for three straight months. Based on the Gardner Business Index, cutting tool orders are likely to contract for the remainder of 2019.”