September US cutting tool consumption totaled $174.92 million, according to the US Cutting Tool Institute (USCTI) and AMT—The Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was down 10.9% from August’s $196.23 million and up 1.9% when compared with the total of $171.68 million reported for September 2016.

With a year-to-date total of $1.637 billion, 2017 is up 7.0% when compared with 2016. These numbers and all data in this report are based on the totals reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools. “The year to date increase, the stock market performance and the positive forecasts at the AMT Global Forecasting Conference provides further confidence that the manufacturing industry will continue its growth,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group.

Chief U.S. Economist at Oxford Economics Gregory Daco said, “Despite usual summer month volatility, year-to-date cutting tool shipments remains 7% above their 2016 levels. Durable goods shipments data confirm this positive backdrop with growth up 5% year-over-year in September. Looking ahead, durable goods orders are rising at a 8.3% year-over-year clip in September, and leading manufacturing indicators point to elevated domestic and global confidence. Passage of a pro-growth tax cut package could further boost business activity and optimism, but the risk of protectionist measures still looms over the outlook.”

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.

Historical data for the Cutting Tool Market Report is available dating back to January 2012. This collaboration of AMT and USCTI is the first step in the two associations working together to promote and support U.S.-based manufacturers of cutting tool technology.