August U.S. cutting tool consumption totaled $175.2 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 collaboration, was up 4.3 percent from August 2016 and up 19.2 percent from July.

With a year-to-date total of $1.4 billion, 2016 is down 8.3 percent when compared with 2015.

These numbers and all data in this report are based on the totals actually reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools.

“The Cutting Tool Industry welcomed a 19.2 percent bounce back from a very weak July," said Steve Stokey, president of USCTI. "Although this is good news, questions still loom over the strength of the overall economy moving forward. The third largest attendance ever at IMTS 2016 combined with a record number of exhibitors certainly is a sign that the industry is optimistic that there are better times ahead.”