Machine shops and other domestic manufacturers consumed $189.8 million during March, slightly (+0.9%) more than during February but -9.8% less than during March 2019. Like the recent report of manufacturers machine-tool new orders, the result shows the stable but less than robust activity in the U.S. manufacturing sector prior to the onset of plant shutdowns in mid-March, to contain the COVID-19 pandemic.
The CTMR report presents cutting-tool consumption based on the totals reported by the participating companies, which represent the majority of the U.S. market for cutting tools.
Commenting on the CTMR report, AMT Cutting Tool Product Group Brad Lawton, said, “The cutting-tool industry has followed the 2019 trend line during the first quarter of 2020. However, it is anticipated that the second and third quarter of 2020 will show the full impact of the COVID-19 pandemic, with recovery extending into 2021.”