February U.S. cutting tool consumption totaled $174.98 million according to the U.S. 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 up 1.1 percent from January's $173.05 million and up 0.6 percent when compared with the total of $173.88 million reported for February 2016. With a year-to-date total of $348.02 million, 2017 is up 4.5 percent 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.

"There is a feeling of optimism in the air that is backed up by the positive growth the cutting tool market data shows after the first two months of the year," says Steve Stokey, president of USCTI. "Manufacturing continues to be a hot topic and continues to have a seat at the table in the new Trump administration. The strong dollar will continue to challenge our ability to export but with the U.S. automotive and aerospace markets remaining steady, it should provide a firm foundation for growth as the other industrial sectors rebound from a weak 2016. This should bode well for cutting tool manufacturers."

Scott Hazelton, managing director of economics & country risk at IHS Markit adds that: "The economy is enjoying improved business and consumer confidence, resulting in strong momentum in employment growth and single family housing as well as a rebound in nondefense capital spending, including the important energy sector. Consumption of cutting tools is forecasted to respond with increasing growth over the year.  Acceleration of growth in 2018 is expected as tax reform and infrastructure investment enhance the investment 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.