May U.S. cutting tool consumption totaled $191.93 million according to the U.S. Cutting Tool Institute (USCTI) and The Association For Manufacturing Technology (AMT). This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was up 14.2% from April's $168.03 million and up 15.5% when compared with the total of $166.25 million reported for May 2016. With a year-to-date total of $908.04 million, 2017 is up 5.8% when compared with 2016.
"The cutting tool industry is feeling the strong activity, supported by May's positive numbers," said Brad Lawton, Chairman of AMT's Cutting Tool Product Group. "As domestic manufacturing growth is projected to continue, 2017 will be a much better year for the cutting tool industry."
Steve Kline Jr., Director of Market Intelligence at Gardner Business Media, said, "Cutting tool orders surged in May, growing at their fastest rate since December 2014. The GBI: Metalworking index continued to grow at an accelerating rate in June. Since it leads cutting tool orders by about six months, we expect cutting tool orders to grow at an accelerating rate for at least the remainder of 2017. Also, durable goods new orders, another leading indicator of cutting tool orders, have shown continual improvement in 2017."
The 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 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 CTMR 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.
For more information contact:
USCTI
1300 Sumner Ave.
Cleveland, OH 44115-2851
216-241-7333
uscti@uscti.com
www.uscti.com
AMT
7901 Jones Branch Drive, Suite 900
McLean, VA 22102-4206
703-893-2900 / 800-524-0475
amt@amtonline.org
www.amtonline.org