MCCLEAN, VA — February U.S. cutting tool consumption totaled $173.38 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 the Cutting Tool Market Report (CTMR) collaboration, was up 9.3 percent from January’s $158.65 million and down 4 percent when compared with the total of $180.56 million reported for February 2015.

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

“With a slow start to 2016 it is nice to see a stronger February,” said Steve Stokey, president of USCTI. “2015 had a much stronger beginning and slower second half. It would appear that 2016 is shaping up as forecasted by most experts. We should see the months continue to improve and 2016 continuously gain on 2015 as the year progresses.”

Adding to the optimistic outlook, Greg Daco, head of U.S. macroeconomics at Oxford Economics said, “Cutting tool shipments experienced an encouraging rebound in February despite soft durable goods orders and shipments. Looking forward, most leading manufacturing indicators point to modest growth with domestically oriented sectors supported by solid business conditions. Global headwinds will continue to restrain activity, but the drag should gradually dissipate.”

For more information, visit www.AMTonline.org.