October cutting tool consumption up from September
October U.S. cutting tool consumption totaled $167.9 million, up 7.6 percent from September's $156.1 million but down 22.4 percent from $216.4 million in October 2019.
With a year-to-date total of $1.6 billion, 2020 is down 23 percent when compared with October 2019, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
“Cutting tool sales for October appear to confirm that at least the bleeding has stopped. We may have taken a step backward in November as COVID cases surged and due to typical seasonality, but the overall direction is encouraging," said Bret Tayne, president of USCTI. The beginning of vaccine distribution, along with the potential for significant pent up demand in some customer segments, bodes well for our industry as we head into 2021.”
"New orders for cutting tools rose a brisk 7.6 percent in October, and are now back to levels not seen since March 2020. This recovery is in line with rising demand from manufacturers of electrical and medical equipment, along with better performance from traditional customers in transportation equipment and basic metals,” said Mark Killion, director of U.S. Industries at Oxford Economics.
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