U.S. machine shops and other manufacturers purchased $151.3 million worth of cutting tools during November 2020, dropping -9.9% from the October purchase volume and -20.0% from the November 2019 level. For the 11 months from January to November 2020, U.S. cutting-tool orders totaled $1.7 billion, or -22.7% less than the comparable figure for 2019.
The data is compiled by AMT – the Assn. for Manufacturing Technology and the U.S. Cutting Tool Institute in their jointly issued Cutting Tool Market Report.
The CTMR presents cutting-tool consumption as an indicator of overall manufacturing activity, as cutting tools are used in production of components used by virtually every industrial sector. The consumption totals are reported by participating companies that represent the majority of the U.S. market for cutting tools, and the wide application of cutting tools across multiple industries is comparable to durable-goods orders, according to the report's authors.
“As we know the cutting-tool industry is dependent on the health of the nation's manufacturing economy, and we see recovery is in process,” commented Brad Lawton, chairman of AMT’s Cutting Tool Product Group. “The industry numbers reflect the usual year-end fluctuations, but in general there is optimism for continued recovery.”