U.S. cutting tool consumption totaled $209M according to the U.S. Cutting Tool Institute. This total is up 13.2% from November 2017. These numbers and all data in this report are based on the totals reported by companies participating in the Cutting Tool Market Report program. These totals are representative of the majority of the U.S market for cutting tools.
This data continues to support strong sales. Increasing raw material prices and skilled labor shortages have taken their tool in the short-run, but have not hurt the increased performance of 2018 when compared to 2017. The market also continues to watch the trade negotiations and the potential impact they could have on manufacturing.
November’s numbers are encouraging and this trend is continuing from month to month with sustained growth in 2019. Low unemployment is still a challenge along with finding qualified talent, but this is good news for those in the workforce.