Cutting Tool Consumption Up 10.8% YTD Despite M/M Decline in June

June U.S. cutting tool consumption totaled $212.83 million according to the U.S. Cutting Tool Institute (USCTI) and The Association For Manufacturing Technology. This total was down 1.1% from May’s $215.13 million and up 14.1% when compared with the $186.57 million reported for June 2017. With a year-to-date total of $1.213 billion, 2018 is up 10.8% when compared with 2017.

“June sales totals build the year-over-year and the year-to-date volume increases to over 10% and 14%, respectively, with no signs of softening. Tariffs and raw material challenges continue to be the headlines but not enough to stop the growth. It appears the momentum could last well into the fourth quarter,” said Philip Kurtz, president of the USCTI.

These numbers and all data are based on the totals reported by the companies participating in the Cutting Tool Market Report program. The totals represent the majority of the U.S. market for cutting tools.

“New orders continue to be supported by a strong environment for manufacturing and business investments, with activity particularly elevated in the electrical and industrial machinery sectors,” said Mark Killion, director of U.S. Industry at Oxford Economics.

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