U.S. Cutting Tool Consumption up 13.1 Percent in October
The U.S. Cutting Tool Institute and AMT announced that October U.S. cutting tool consumption totaled $176 million.
According to the U.S. Cutting Tool Institute (Cleveland, OH) and AMT– The Association For Manufacturing Technology (McLean, VA), October U.S. cutting tool consumption totaled $176 million. This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was up 13.1 percent from September’s total but down 5.8 percent from October 2012. Year-to-date shipments are $1.68 billion, which is down 6.6 percent from the same period in 2012.
These numbers and all data in this report are based on the totals actually reported by the companies participating in the CMTR program. The totals represent about 80 percent of the U.S. market for cutting tools. “While cutting tool sales enjoyed their best month since April, the trend is still behind for 2013 compared to 2012,” said Tom Haag, president of USCTI. “The important indicators show the automobile and aerospace industries are forecast for stable and steady growth in 2014, so we are optimistic.”
The Cutting Tool Market Report (CTMR) 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.