February U.S. cutting tool consumption was $179.3 million, according to the U.S. Cutting Tool Institute and the Association for Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was up 1.6 percent from February 2014 and down 2.3 percent from January.
The totals represent about 80 percent of the U.S. market for cutting tools.
“The start of 2015 has shown both January and February surpassing last year’s totals,” said Tom Haag, president of USCTI. “This increase has followed the same pattern in Manufacturing of Durable Goods. These are positive conditions considering the first quarter has faced the adversity of harsh weather conditions and a strong dollar in a weakening global economy.”