U.S. manufacturers’ consumpton of cutting tools rose 5.8% from May to June, totaling $175.35 million, but the overall market conditions continue to be difficult. The latest figure is down 7.1% year-on-year, and the cumulative total for U.S. cutting-tool consumption for the first six months of 2016 is $1.03 billion, 8.8% lower than the consumption total at midyear 2015.
These figures are drawn from the monthly Cutting Tool Market Report, Cutting tool consumption is tracked by the U.S. Cutting Tool Institute (USCTI) and AMT – the Association for Manufacturing Technology in the monthly Cutting Tool Market Report (CTMR.) The report includes data from a majority of the cutting-tool manufacturers and distributors in domestic manufacturing. As cutting tools are a primary consumable product involved in the production process for multiple industrial sectors, the report provides an up-to-date index to U.S. manufacturers’ overall activity.
“Certainly, seeing a jump in shipments between May and June is welcome news but we saw this same event last year only to be disappointed again by July shipments,” commented Steve Stokey, president of USCTI. “All indicators continue to point to a weak outlook as we search for a bottom to the current trend.”