U.S. Cutting Tool Consumption Up 8.7% In January

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January U.S. cutting tool consumption totalled $173.05 million according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was up 8.7% from December’s $159.17 million and up 8.7% when compared with the total of $159.22 million reported for January 2016. With a year-to-date total of $173.05 million, 2017 is up 8.7% when compared with 2016. 

These numbers and all data in this report are based on the totals reported by companies participating in the CTMR program. The totals represent the majority of the U.S. market for cutting tools.

Brad Lawton, Chairman of AMT’s Cutting Tool Product Group states that, “the early numbers for the first month of 2017 support the optimistic feelings that are growing in the domestic manufacturing market. For the export of U.S. made cutting tools it is hoped that the strength of the U.S. Dollar and the Trump Administration trade policies will not destroy this potential business. We must all wait and see the numbers at the end of the first quarter.”

“The latest data indicate cutting tool shipments are on a somewhat firmer footing in early 2017. The overall trend in durable goods orders and shipments points to firming activity after a lacklustre 2016 performance. Likewise, most leading manufacturing indicators show improving domestic and global confidence levels,” says Gregory Daco, Chief U.S. Economist at Oxford Economics. “President Trump’s pro-growth fiscal agenda should stimulate activity by year-end and into 2018, though his protectionist and anti-immigration agenda represent notable downside risks.”

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