January 2020 U.S. cutting tool consumption totaled $196.5 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% from December’s $187.2 million and down 8.6% when compared with the $215.1 million reported for January 2019.
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.
According to Brad Lawton, chairman of AMT’s Cutting Tool Product Group, “What is uncertainty? For the cutting tool industry, it could be slowly declining sales volumes for at least the last half of 2019, all international markets declining with the U.S. being the last to follow the pattern, stock market volatility, an election year and COVID-19! Did I miss anything? Now that is uncertainty, welcome to the new decade!”
“Starting the 2020 calendar year behind January 2019 is not a surprise based on last year’s strong start and the economic headwinds facing the market today. The metalworking industry is feeling the negative effects of a flat automotive market and an aerospace market that has virtually halted the entire supply chain of the 737 MAX. IHS forecasts have warned of a drop in consumption in the first quarter and this has unfortunately come to fruition,” said Tom Haag, president of SGS Kyocera.
The Cutting Tool Market Report is jointly compiled by AMT and USCTI, two trade associations representing the development, production, and distribution of cutting tool technology and products. It provides a monthly statement on U.S. manufacturers’ consumption of the primary consumable in the manufacturing process – the cutting tool. Analysis of cutting tool consumption is a leading indicator of both upturns and downturns in U.S. manufacturing activity, as it is a true measure of actual production levels.
Historical data for the Cutting Tool Market Report is available dating back to January 2012. This collaboration of AMT and USCTI is the first step in the two associations working together to promote and support U.S.-based manufacturers of cutting tool technology.
The graph below includes the 12-month moving average for the durable goods shipments and cutting tool orders. These values are calculated by taking the average of the most recent 12 months and plotting them over time.
When the COVID shutdown began, most lenders issued moratoriums on repossession activity and began issuing payment deferrals to customers on a large scale. Several states also issued executive orders reducing or eliminating a lender’s ability to enforce their security interests... read more
The digital transformation of leasing services—reflected primarily in a rising demand for usage-based leasing and automation—has gained a new urgency today. According to Mukul Mittal, vice president of industry solutions with Q2’s cloud lending group, current events have jump-started what... read more