This total, reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was down 4.6 percent from April’s US$173.64 million and down 4.1 percent when compared with the total of US$172.81 million reported for May 2015. The totals represent the majority of the US market for cutting tools.

Brad Lawton, chairman of AMT’s Cutting Tool Product Group, said: “The cutting tool industry continues to show negative results for month-to-month and year-to-date sales performance, which reflects the anxiety in the nation’s manufacturing industry. This condition will more than likely continue through the end of 2016.”

“While cutting tool orders contracted for the 13th month in a row, the rate of contraction has slowed down in recent months,” said Steve Kline, director of market intelligence at Gardner Business Media. “In fact, the annual rate of change appears to have peaked and should contract at a slower rate in upcoming months. The trend of decelerating contraction is likely to continue as interest rates remain low and durable goods’ new orders have grown in recent months.”

Jointly compiled by AMT and USCTI, two trade associations representing the development, production and distribution of cutting tool technology and products, the report is a monthly statement on US manufacturer’s consumption of the cutting tool.