For Immediate Release: March 8, 2017
Susan Orenga, USCTI, 216-241-7333
U.S. Cutting Tool 2017 Consumption up 8.7% in January
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.
Brad Lawton, Chairman of AMT’s Cutting Tool Product Group states that “The early numbers for the first month of 2017 support the optimistic feelings that are growing in the domestic manufacturing market. For the export of U.S. made cutting tools it is hoped that the strength of the U.S. Dollar and the Trump Administration trade policies will not destroy this potential business. We must all wait and see the numbers at the end of the first quarter.”
“The latest data indicate cutting tool shipments are on a somewhat firmer footing in early 2017. The overall trend in durable goods orders and shipments points to firming activity after a lackluster 2016 performance. Likewise, most leading manufacturing indicators show improving domestic and global confidence levels,” says Gregory Daco, Chief U.S. Economist at Oxford Economics. “President Trump’s pro-growth fiscal agenda should stimulate activity by year-end and into 2018, though his protectionist and anti-immigration agenda represent notable downside risks.”
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.
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The United States Cutting Tool Institute (USCTI) was formed in 1988 and resulted from a merger of the two national associations representing the cutting tool manufacturing industry. USCTI works to represent, promote, and expand the U.S. cutting tool industry and to promote the benefits of buying American-made cutting tools manufactured by its members. The Institute recently expanded its by-laws to include any North American manufacturer and/or remanufacturer of cutting tools, as well as post-fabrication tool surface treatment providers. Members, which number over 80, belong to seven product divisions: Carbide Tooling, Drill & Reamer, Milling Cutter, PCD & PCBN, Tap & Die, Tool Holder and All Other Tooling. A wide range of activities includes a comprehensive statistics program, human resources surveys and forums, development of product specifications and standards, and semi-annual meetings to share ideas and receive information on key industry trends.