U.S. manufacturers ordered $161.7 million worth of cutting tools during August, an increase of 1.3% over the July results, according to the latest Cutting Tool Market Report from the U.S. Cutting Tool Institute and AMT - the Association for Manufacturing Technology. The latest monthly report indicated an increase of 1.3% over the July result, but it is 13.2% off the total for August 2012.
The two groups initiated the monthly CTMR in June, to document the consumption of cutting tools and related products and technology, which the sources describe as “the primary consumable in the manufacturing process.” The data in the report is based on actual values reported by participating companies, and represent about 80% of the U.S. market for cutting tools.
The new results bring the year-to-date cutting tool consumption total to $1.33 billion, 7.9% less than the eight-month total for 2012.
“While U.S. manufacturing has demonstrated very modest growth through 2013, purchasing manager surveys point to a pickup heading towards 2014,” stated USCTI president Dave Povich. “Cutting tool sales statistics suffered throughout the first half of the year due to some robust sales ‘comps’ from 2012.
“These comps should turn more neutral to positive throughout the third and fourth calendar quarters,” he offered.