U.S. Cutting Tool Consumption Down 16.6% in May

In May, U.S. cutting tool consumption totalled $156 million, according to the U.S. Cutting Tool Institute and AMT--The Association For Manufacturing Technology.

This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was down 16.6 percent from April's total and down 7.0 per cent from May 2013. Year-to-date shipments are $1.88 billion, which is down 3.9 per cent from the same period in 2012.

These numbers and all data in this report are based on the totals actually reported by the companies participating in the CTMR program. The totals here represent about 80% of the U.S. market for cutting tools.

"The month-to-month comparison suffered in part due to strong sales in October," said Brad Lawton, chairman of AMT's Cutting Tool Product Group.

"The year-to-date comparison to 2013 shows a much more modest decline and was also fairly consistent from April or May through November, something anyone doing a forecast should appreciate."

The Cutting Tool Market Report (CTMR) is jointly compiled by AMT and USCTI, two trade associations representing the development, production and distribution of cutting tool technology and products. It provides a monthly statement on U.S. manufacturers' consumption of the primary consumable in the manufacturing process--the cutting tool.

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 Cutting Tool Market Report is available dating back to January 2012.  This collaboration of AMT and USCTI is the first step in the two associations working together to promote and support U.S.-based manufacturers of cutting tool technology.