The U.S. cutting tool industry showed a slight rebound in July after a poor performance earlier in the summer, according to the second Cutting Tool Market Report (CTMR).
The CTMR, a joint production from the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology, showed that cutting tool orders totaled $159.5 million in July, edging up 3.2 percent from June but down 0.2 percent from July 2012. The July figure raises year-to-date totals to $1.17 billion, 7.2 percent lower than the same period in 2012.
“Most economic indicators for manufacturing for July were in line with cutting tools, showing small improvement for the month,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group. “Key customer industries such as motor vehicles are poised for a strong autumn.”
The CTMR is produced through self-reported numbers from companies that participate in the CMTR program.