U.S. manufacturers’ cutting-tool consumption totaled $146.95 million during July, a disappointing 16.2% less than the June total and 17.2% less than the July 2015 result. The figures are reported in the latest Cutting Tool Market Report, a monthly update to purchases of cutting tools – which are viewed a real-time index to manufacturing activity.
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
“Cutting tool demand took a sharp downturn in July even adjusted for seasonality,” stated Brad Lawton, chairman of AMT’s Cutting Tool Product Group. The.
Through seven months of activity, U.S. cutting tool consumption totals $1,177.75 million, down 9.9% compared to the January-July 2015 total.
The report’s sources quoted Longbow Securities senior vice president Eli Lustgarten, who noted that cutting-tool demand has fallen for 15 consecutive months. “We are also hearing of more inventory reduction to align stock levels with current weak demand that is expected to remain lower for longer,” the analyst added. “Expect more of the same for the remainder of 2016 with some moderation of the decline because of much easier comps starting in September.”
