US Cutting Tool Orders Totaled $194.4 Million in November 2022
November 2022 U.S. cutting tool consumption totaled $194.4 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 down 3.1% from October’s $200.6 million and up 20.8% when compared with the $160.9 million reported for November 2021. With a year-to-date total of $2.0 billion, 2022 is up 10.4% when compared to the same time period in 2021.
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.
“Cutting tool consumption is on pace with durable goods production, a positive sign that supply chain issues and shortages of raw materials are easing,” commented Jack Burley, chairman of AMT’s Cutting Tool Product Group and Committee. “Despite fears of a recession, cutting tool usage has not been affected so far, and industrial production capacity remains steady.”
Costikyan Jarvis, president of Jarvis Cutting Tools, also spoke on durable goods, stating, “The GDP measures durable goods, non-durable goods, and services, so is it possible that the forecasted recession will largely avoid durable goods. The 12-month CTMR average is only 90% of pre-pandemic levels. Commercial aerospace production is still recovering, and the automotive market, after only selling 13.7 million units, has the possibility to stay flat.”
16/01/2023Enquire about this StoryReturn to News Overviews