According to Tom Haag, president of USCTI, the figure shows that momentum has slowed in the second quarter of the year compared to that of 2014.

The forecast for this year’s cutting tool consumption had not been so bleak, but several factors such as the oil & gas market and the performance of international economies have affected European and Asian markets, hence influencing US figures as well.

Despite this, economic indicators ‘look solid’ as the automotive and aviation industries have a positive outlook, so Mr Haag sees slight growth still for the remainder of the 2015.