U.S. Cutting Tool Consumption up 7.2 Percent in December

U.S. cutting tool consumption totaled $168.2 million in December, 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 7.2 percent from November’s total and up 20.3 percent from December 2013.

“The 2014 calendar year closed with a flurry, and the overall growth in the cutting tool industry reporting was 5.0 percent year over year,” says Tom Haag, president of USCTI. “This is an indication that our market is steady and strong despite some volatility in the monthly statistics this past calendar year. December was a reflection on the auto industry perpetuating its strong growth, while aerospace markets continue to work on an enormous backlog. The December sales closed a year with a strong message that manufacturing is still driving growth in our economy.”