October U.S. cutting tool consumption totaled $168.99 million according to the U.S. Cutting Tool Institute (USCTI) and the Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was down 1.6% from September’s $171.67 million and 4.7% when compared with the total of $177.35 million reported for October 2015. With a year-to-date total of $1.698 billion, 2016 was down 6.9% when compared with 2015.

“The cutting tool year-over-year data continues to indicate 2016 is moving in the right direction,” said Steve Stokey, president of USCTI. “With the uncertainty of the election behind us, businesses should be in a better position to confidently implement their plans. This should have a positive impact on the marketplace as we move into 2017.”

Greg Daco, head of U.S. Economics at Oxford Economics, said, “After experiencing extreme volatility this summer, cutting tool shipments have stabilized. Overall, while the trend in durable goods orders and shipments remains soft, back-to-back monthly gains in orders are a signal activity may soon turn around. Looking forward leading manufacturing indicators point to moderate growth supported by firming global activity and stabilizing domestic activity. The uncertainty surrounding a Trump presidency remains elevated, but there are indications that he will prioritize his pro-growth fiscal agenda over his protectionist agenda.”