Purchases of cutting tools by U.S. machine shops and other manufacturers rose to $175.21 million during August, up 19.2% from the July figure ($146.95 million) and up 4.3% compared to the August 2015 result ($167.91 million.) The figures are drawn from the latest release of the Cutting Tool Market Report, a monthly update to purchases of cutting tools presented by the U.S. Cutting Tool Institute and AMT – the Assn. for Manufacturing Technology.
The figures in the report are based on totals reported by companies participating in the CTMR program, and represent the majority of the U.S. market for cutting tools.
The report’s sponsors note that cutting tools are the primary consumable product for manufacturing, making cutting tool consumption a reliable leading indicator of activity in that segment of the industrial economy.
For the first eight months of 2016, cutting tool consumption totaled $1.352 billion, which signifies a decline of 8.3% compared to January-August 2015.