U.S. manufacturers’ consumption of cutting tools declined 1.6% from September to October, and 4.7% from October 2015, ending the month at $168.99 million. The figures are drawn from the monthly Cutting Tool Market Report issued jointly by the U.S. Cutting Tool Institute (USCTI) and AMT - the Association for Manufacturing Technology, as an index to overall manufacturing activity.
CTMR figures represent actual dollar figures as reported by the companies participating in the CTMR program, who represent the majority of the U.S. market for cutting tools.
Cutting tools are offered as the primary consumable in manufacturing, and thus an indicator of actual production levels.
Through 10 months of the current year, U.S. cutting tool consumption totals $1.698 billion, which is a decline of 6.9% compared with the January-October 2015 figure. The 2016 YTD total has narrowed considerably in recent months.
“The cutting tool year-over-year data continues to indicate 2016 is moving in the right direction,” according to USCTI president Steve Stokey. “With the uncertainty of the election behind us, businesses should be in a better position to confidently implement their plans. This should have a positive impact on the marketplace as we move into 2017.”