This total is a result of actual reporting from companies participating in the Cutting Tool Market Report (CTMR) collaboration, which represent approximately 80 percent of the U.S. market for cutting tools. The reports showed numbers down 3.5 percent from April's total and down 4.4 percent from May 2013.
Brad Lawton, Chairman of AMT's Cutting Tool Product Group said overall cutting tools shipments were down in May despite many other manufacturing indicators being positive in the same time period.
"This down month should be taken in context with that other data and an upward 3-month trend," he said.
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 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 Cutting Tool Market Report dates back to January 2012 and is available. The collaboration between 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.