The 2020 Mid-Year Economic Update_long

June U.S. Cutting Tool Consumption Down 1% YOY

Total cutting tool consumption of $188.7 million up 9 percent from May.

June U.S. cutting tool consumption totaled $188.7 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 down 1 percent from June 2014 and up 9 percent from May.

The totals represent the majority of the U.S. market for cutting tools.

“The momentum has definitely slowed in the second quarter of the year and has brought us to a relatively flat position compared to 2014 as we hit the halfway mark,”   said Tom Haag, president of USCTI.  “Many economic indicators look solid as the auto industry and aerospace production have a positive outlook so we remain cautiously optimistic that we will see tepid growth through the remainder of the year. The industry was certainly not forecasted to be this weak, but the oil & gas market as well as international economies have adversely affected our markets both in Europe and Asia.”

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