U.S. machine shops and other manufacturers consumed $200.05 million worth of cutting tools during March, the fourth straight monthly increase for a product category that is considered a real-time indicator of overall manufacturing demand. According to AMT – the Assn. for Manufacturing Technology and the U.S. Cutting Tool Institute, which jointly issue the monthly Cutting Tool Market Report.
“The cutting tool industry reported numbers are supporting the positive feelings that exist in the domestic market,” according to Brad Lawton, chairman of AMT’s Cutting Tool Product Group. “This is a very welcome improvement and support for the Trump Administration’s pro manufacturing policies”
The CTMR summarizes cutting-tool sales based on actual dollar figures reported by participating companies, who represent the majority of the U.S. market for cutting tools.
In the March summary, the total value of consumption represents a month/month increase of 14.3% from February, and year/year rise of 8.4% over the March 2016 total.
Through the first three months of this year, cutting tool consumption has totaled $548.08 million, up 5.9% versus January-March 2016.
Johan Israelsson, president of specialty materials manufacturer Sandvik Hyperion, commented: “It is clear that there is a much stronger customer demand across all sectors of the global market that we serve. Although there is some tendency to rebuild inventories as one driver, we are also experiencing an underlying market growth. It is especially encouraging to see optimism within the oil-and-gas industry after a very difficult period.”