Economy

Members of the National Tooling & Machining Association and Precision Metalforming Association say more federal programs are needed.

The Coalition of American Metal Manufacturers and Users issued the following statement.

Washington, D.C. A survey of members of the National Tooling and Machining Association and Precision Metalforming Association shows the importance of the Small Business Administration’s Paycheck Protection Program, with more than 91% of respondents reporting that they have applied for and received a PPP loan to retain employees they otherwise would have furloughed or terminated.

U.S. cutting tool consumption totaled $189.8 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 collaboration, was up 0.9 percent from February's $188.2 million and down 9.8 percent when compared with the $210.4 million reported for March 2019.

Cleveland - Members of the National Tooling and Machining Association and Precision Metalforming Association are stepping up to meet the challenges created by the COVID-19 pandemic and leading the way in displaying the true American spirit of joining together to make a difference. In addition to producing -- without disruption -- the tooling, machinery and parts that make up the backbone of the manufacturing supply chain and are essential to restarting America’s economy, member companies are working to help communities, first responders and the medical community in the fight against the virus.