U.S. Cutting Tool Consumption Down 1.2 Percent in February
Though down 6.8 percent from February 2013, the trend appears to be on an upward climb as incoming orders have indicated a strong finish for the first quarter of this calendar year.
February U.S. cutting tool consumption totaled $157 million, according to the U.S. Cutting Tool Institute (Cleveland, OH) and AMT – The Association For Manufacturing Technology (McLean, VA). This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was down 1.2 percent from January’s total and down 6.8 percent from February 2013.
These numbers and all data in this report are based on the totals actually reported by the companies participating in the CTMR program. The totals here represent about 80 percent of the U.S. market for cutting tools.
“The trend is certainly on an upward climb as incoming orders have indicated a strong finish for the first quarter of the calendar year,” said Tom Haag, the president of USCTI.
The Cutting Tool Market Report (CTMR) 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.