U.S. Cutting Tool Consumption Down 1.1 Percent in July

U.S. cutting tool consumption in July totaled $170 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 1.1 percent from June’s total but up 1.5 percent from July 2013.

The report is based on the totals actually reported by the companies participating in the CTMR program, which represents about 80 percent of the U.S. market for cutting tools. The CTMR is jointly compiled by AMT and USCTI, two trade associations representing the development, production and distribution of cutting tool technology and products.

“While July sales numbers in 2014 were down by 1.1 percent, this isn't unusual for the months leading up to Chicago’s International Manufacturing Technology Show,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group. “Cutting tool consumption continues to contribute to the industry’s stability. Having remained strong for the 6th consecutive month, these figures reassure our confidence in the current market conditions.”