U.S. cutting tool consumption totaled $161.7 million in August, according to the U.S. Cutting Tool Institute (USCTI) and AMT–The Association for Manufacturing Technology. This total was up 1.3 percent from July but down 13.2 percent from August 2012. Year-to-date shipments were $1.33 billion, which is down 7.9 percent from the same period in 2012.
These numbers are based on totals actually reported by the companies participating in the Cutting Tool Market Report (CTMR) program. The totals represent about 80 percent of the U.S. market for cutting tools.
“While U.S. manufacturing has demonstrated very modest growth through 2013, purchasing manager surveys point to a pickup heading towards 2014,” says Dave Povich, president of USCTI. “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 3rd and 4th calendar quarters.”
The CTMR is jointly compiled by AMT and USCTI. It provides a monthly statement on U.S. manufacturers’ consumption of the primary consumable in the manufacturing process—the cutting tool. According to AMT, 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.
Historical data for the CTMR is available dating back to January 2012.