U.S. cutting tool consumption totaled $168.8 million in August, a decrease of 8.3% compared to the same month last year, according to the U.S. Cutting Tool Institute and the Association For Manufacturing Technology.

The total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was also down 5% compared to July.

The numbers and all data in the report are based on the totals actually reported by the companies participating in the CTMR program. The totals represent the majority of the U.S. market for cutting tools.

“It appears as though cutting tool industry success this year is directly proportional to the amount of business tied to oil, gas and mining. Those that are heavily invested in this market are feeling the most pain,” said Tom Haag, president of USCTI. “Additionally, the Agricultural Vehicle market has slowed below forecasts. While Automotive and Aerospace markets remain consistent, the cutting tool industry needs a recovery in Oil & Gas to return to broad growth. It will be a battle to surpass 2014 results in the 4th quarter.”

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.