U.S. Cutting Tool Consumption Down 2.7 Percent in August
MCLEAN, VA — August U.S. cutting tool consumption totaled $166 million, according to the U.S. Cutting Tool Institute and AMT – the Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was down 2.7 percent from July’s total and down 3.0 percent from August 2013.
The report is 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.
“August has traditionally been a period of slower sales for the cutting tool industry due to summer holidays and automotive model change-overs,” said Tom Haag, President of USCTI. “The three-month rolling average actually shows the sales as fairly steady throughout the summer. The third quarter should close much stronger with September bringing the industry back to full speed and the IMTS exhibition driving new interest with record attendance.”
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.
For more information, visit www.amtonline.org.