Posted August 23, 2021

Cutting tool orders rose 20.5 percent in June

June 2021 U.S. cutting tool consumption totaled $172.1 million, up 20.5 percent when compared with $142.9 million reported for June 2020.

According to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology, the total was up 7.1 percent from May's $160.7 million. With a year-to-date total of $974.7 million, 2021 is up 1.8 percent when compared to June 2020.

“The cutting tool market resumed its upward march in June. The 12-month moving average improvement is in a healthy range. The cutting tool market continues to experience short-term volatility from a variety of factors, but the overall trend remains positive. Our companies are planning for continued growth as projected by our market economists," said Bret Tayne, president of USCTI.

Eli Lustgarten, President of ESL Consultants, commented, “The U.S. economy has fully recovered from its short recession and is entering second half of 2021 in boom conditions. U.S. manufacturing is a key driver with the ISM index (59.5) at very high levels. We expect that the recovery of cutting tool demand should continue through the remainder of 2021 and well into next year. The pandemic is under better control, as the U.S. has learned to live with it; the Delta variant may not have a big impact in the U.S. unless more drastic restrictions are implemented. There is likely to be a larger impact abroad (especially Asia) reflecting the weaker vaccination status.”