This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was down 6.6% from May.
June U.S. cutting tool consumption totaled $155 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 6.6% from May and down 12.8% from the June 2012 level of $195 million. The reported year-to-date total through June 2013 was $1,014 million, down 8.2% from shipments levels for 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 CMTR program. The totals here represent about 80% of the U.S. market for cutting tools.
“We didn’t expect the first half softness of 2013 as recent activity was at some of the best levels since 1998,” says Dave Povich, USCTI’s president. “What is promising is that the first half of the year outpaced the second half of 2012 and we believe manufacturing is on a modest upswing for the remainder of 2013.”
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 leading indicator of both upturns and downturns in U.S. manufacturing activity, as it is a true measure of actual production levels.
While this is the first release of the Cutting Tool Market Report, historical data is available for the program 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.