In December, U.S. cutting tool consumption totaled $188.4 million, according to the U.S. Cutting Tool Institute and AMT – The Association For Manufacturing Technology.
The total, reported by companies participating in the Cutting Tool Market Report collaboration, was down 3.1% from November’s $194.4 million and up 14.6% compared with the $164.3 million reported for December 2021, according to USCTI and AMT data.
The year-to-date total was $2.2 billion, up 10.8% compared with the same period in 2021.
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“In January, the U.S. labor market had its best month in job hirings since 1969, and cutting tool sales remained steady,” said Jeff Major, President of USCTI. “The consensus is that the cutting tool industry looks positive for at least the first six months of this year. Economic pressures still exist, and the Federal Reserve continues to raise interest rates to stave off inflation.”
Pat McGibbon, Chief Knowledge Officer at AMT, added: “Don’t sweat the month-to-month declines in the past two months; the story is in the year-over-year and year-to-date double-digit increases.” He continues, “The next 12 months look bright for 2023 in tooling as record backlogs in material removal equipment orders convert into shipments and expanded capacity.”
Historical data for the Cutting Tool Market Report is available dating back to January 2012.
The graph below includes the 12-month moving average for the durable goods shipments and cutting tool orders, according to USCTI and AMT. These values are calculated by taking the average of the most recent 12 months and plotting them over time.