June U.S. cutting tool consumption totaled $188.7 million, which was up 9% from May’s total but down 1% from June 2014, according to the U.S. Cutting Tool Institute and the Association for Manufacturing Technology’s Cutting Tool Market Report.

“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. 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,” said Tom Haag, president of USCTI. “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.”

The Cutting Tool Market Report is jointly compiled by AMT and USCTI, two trade associations representing the development, production and distribution of cutting tool technology and products. It provides a monthly statement on U.S. manufacturers’ consumption of the primary consumable in the manufacturing process – the cutting tool.  Analysis of cutting tool consumption is a leading indicator of both upturns and downturns in U.S. manufacturing activity, as it is a true measure of actual production levels.