According to a survey conducted by the American Cutting Tool Association (USCTI) in the spring of 2009, members of the association expect that 2009 will be a tough year for the US cutting tool industry. The survey focused on tool companies' views on several issues, including the US economy's outlook, forecasting of tool industry shipments, changing employment levels, raw material costs, product exports, funding issues, and employee behavior.
In this survey, more than 80% of the respondents believe that the US economic outlook is worrisome, and it is expected that there will be a more serious recession in 2009. This view is also logically reflected in their predictions of the near-term outlook for the US cutting tool industry: more than 60% of respondents expect shipments in the industry to fall by more than 20%; more than 90% of respondents expect Shipments in the industry will fall by at least 10%.
Unfortunately, the export situation is also difficult to help with sluggish domestic demand. In 2009, about half of the tool companies' exports have fallen, with an average decline of 29%.
Most toolmakers have cut their payroll expenses, and more than 85% of respondents said their employment levels fell in the first quarter of 2009, compared to an average of 15% in the fourth quarter of 2008. Other labor-related declines include: 70% of companies cut weekly working hours; 35% of companies have employees on vacation; 49% cut business hours; 23% temporarily shut down factories; 16% The company has forcibly extended the vacation time.
A positive factor is that in the past three months, more than 40% of USCTI member companies have reduced the cost of raw materials used to make cutting tools, with an average reduction of about 22%. Another 56% of companies said that raw material prices remain unchanged.
When asked about funding issues, 12% of respondents said they were more difficult to raise funds for equipment purchases; 44% of respondents experienced more restrictive credit terms; 19% of companies There is a need to pay higher interest rates on loans; 70% of companies are experiencing more difficulties in recovering accounts receivable.
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