U.S. Cutting Tool Consumption Down from Last Year, Reports USCTI, AMT
Tool consumption, according to the CTMR survey, is up 9 percent from May 2015 but down 1 percent compared to the same time last year.
United States cutting tool consumption totaled $188.7 million in June 2015, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was up 9 percent from May 2015’s total and down 1 percent from June 2014.
These totals represent the majority of the U.S. market for cutting tools.
Tom Haag, USCTI president, interprets the numbers: “The momentum has definitely slowed in the second quarter of the year and has brought us to a relatively flat position compared to 2014 as we hit the halfway mark. Many economic indicators look solid, as the auto industry and aerospace production have a positive outlook, so we remain cautiously optimistic that we will see tepid growth through the remainder of the year.” He adds that, while the industry was not forecasted to be this weak, some of the current conditions can be attributed to the recent slump in the Asian oil and gas market as well as turbulence in European economies.
