U.S. machine shops and other manufacturers consumed $153.14 million worth of cutting tools during January, declining 2.1% from December and falling 16.7% from the January 2015 consumption total. Consumption of cutting tools is an indicator of manufacturing activity in general, according to the sponsors of the monthly Cutting Tool Market Report, because cutting tools are “the primary consumable (product) in the manufacturing process.”
The report is compiled and presented by the U.S. Cutting Tool Institute (USCTI) and AMT - the Association for Manufacturing Technology.
The CTMR presents actual data on the amount of cutting tools consumed by U.S. businesses, based on data supplied by participating companies. Those companies represent the majority of the U.S. market for cutting tools, according to the report’s sponsors.
“The declining statistics coupled with the uncertainty in the manufacturing sector leads to continued caution for the cutting tool industry,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group.