According to the U.S. Cutting Tool Institute (USCTI) and the Association For Manufacturing Technology, October U.S. cutting tool consumption totaled $177.2 million, This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was up 3.4% from September’s total, down 15.4% from October 2014* and down 3.4% when compared year-to-date in 2014.

“The information from October continues to be the same story for the cutting tool market. We see a slight uptick in October over September which was to be expected.  Our year over year data continues to weaken due to the strong finish of 2014 and a weak 2015,” says Steve Stokey, President of USCTI. “Members continue to be optimistic about aerospace and automotive markets but see no short to mid-term improvement in the oil and gas industry for their products.”