February U.S. cutting tool consumption totaled $173.38 million 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 the Cutting Tool Market Report (CTMR) collaboration, was up 9.3% from January’s $158.65 million and down 4.0% when compared with the total of $180.56 million reported for February 2015. With a year-to-date total of $332.03 million, 2016 was down 8.9% when compared with 2015.
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 the majority of the U.S. market for cutting tools.
“With a slow start to 2016 it is nice to see a stronger February,” says Steve Stokey, President of USCTI. “2015 had a much stronger beginning and slower second half. It would appear that 2016 is shaping up as forecasted by most experts.
We should see the months continue to improve and 2016 continuously gain on 2015 as the year progresses.”
Adding to the optimistic outlook, Greg Daco, Head of US Macroeconomics at Oxford Economics says “Cutting tool shipments experienced an encouraging rebound in February despite soft durable goods orders and shipments. Looking forward, most leading manufacturing indicators point to modest growth with domestically oriented sectors supported by solid business conditions.
Global headwinds will continue to restrain activity, but the drag should gradually dissipate.”
The Cutting Tool Market Report 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.