Cutting Tool Consumption up 10.1 Percent in 2018
September 1, 2018
May U.S. cutting tool consumption totaled $215.13 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 collaboration, was up 5.6% from April's $203.68 million and up 12.1% when compared with the $191.93 million reported for May 2017. With a year-to-date total of $999.82 million, 2018 is up 10.1% when compared with 2017.
These numbers and all data in this report are based on the totals reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools.
"The cutting tool industry continues to show improved growth in 2018. The ball is still rolling with positive numbers despite the chaos with global trade agreements," said Brad Lawton, Chairman of AMT's Cutting Tool Product Group.
"The cutting tool results match overall economic indicators and continue to show strength in the manufacturing sector," said Costikyan Jarvis, President of Jarvis Cutting Tools. "With cutting tools showing a 12.1% year-over-year growth, the PMI at 60.2 in June, and consumer confidence a strong 126.4 in June, it would indicate that the economic train is going nicely down the tracks. This should be a great time to be in manufacturing."
For more information contact:
USCTI
1300 Sumner Ave.
Cleveland, OH 44115-2851
216-241-7333
uscti@uscti.com
www.uscti.com
AMT
7901 Jones Branch Dr., Ste. 900
McLean, VA 22102-4206
703-893-2900 / 800-524-0475
amt@amtonline.org
www.amtonline.org
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