Sales of cutting tools by machine shops and other manufacturers across the U.S. rose 13.1% from September to October, totaling $176 million for the month. That result is 5.8% less than the total for October 2012, however.
The new total brings the year-to-date (January-October 2013) value of cutting tool shipments to $1.68 billion, and that figure trails the 2012 10-month result by 6.6%.
The information is contained in the latest Cutting Tool Market Report, compiled and issued by the U.S. Cutting Tool Institute and AMT – The Association for Manufacturing Technology. The monthly report is based on actual totals reported by the companies participating in the CMTR program. The report represents about 80% of the U.S. market for cutting tools, the sources stated.
The report was introduced earlier this year as an initial collaboration between the two associations, aiming to promote and support U.S.-based manufacturers of cutting tool technology. “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,” according to the trade groups.
The October CTMR results compare well with the related U.S. Manufacturing Technology Orders report, which recorded a 10.2% increase from September to October.
“While cutting tool sales enjoyed their best month since April, the trend is still behind for 2013 compared to 2012,” stated Tom Haag, president of USCTI. “The important indicators show the automobile and aerospace industries are forecast for stable and steady growth in 2014, so we are optimistic.”