U.S. machine shops and other domestic manufacturers consumed $212.83 million worth of cutting tools during June, slightly (-1.1%) less than during May but 14.1% more than during June 2017. Because cutting tools are a basic consumable product for the manufacturing process, the consumption data is further evidence of the ongoing strength of the manufacturing sector.
Through six months of 2018, U.S. manufacturers cutting-tool consumption has risen 10.8% versus January-June 2017, totaling $1.213 billion.
The data is drawn from the latest Cutting Tool Market Report issued by AMT – the Association for Manufacturing Technology and the U.S. Cutting Tool Institute. The CTMR documents actual sales totals for cutting tools by participating manufacturers, who represent the majority of the U.S. market for those products.
“June sales totals build the year-over-year and the year-to-date volume increases to over 10% and 14%, respectively, with no signs of softening. Tariffs and raw-material challenges continue to be the headlines but not enough to stop the growth. It appears the momentum could last well into the fourth quarter,” stated USCTI president Philip Kurtz.
Data on cutting tools consumption is an indicator of current manufacturing activity, in contrast to AMT’s monthly U.S. Machine Tool Orders report, which functions as a leading indicator of manufacturing activity.
