U.S. Cutting Tool Consumption Down in May
The $169 million in consumption was down 3.5 percent from the previous month and down 4.4 percent from a year earlier.
The May U.S. cutting tool consumption totaled $169 million, according to the U.S. Cutting Tool Institute (USCTI, Cleveland, OH) and The Association For Manufacturing Technology (AMT, McLean, VA). This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was down 3.5 percent from April’s total and down 4.4 percent from May 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.
“Overall cutting tools shipments were down in May despite many other manufacturing indicators being positive in the same time period,” said Brad Lawton, the chairman of AMT’s Cutting Tool Product Group. “This down month should be taken in context with that other data and an upward 3-month trend.”
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.