February 2024 U.S. cutting tool consumption was $214.6 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT — the Association of Manufacturing Technology.
This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was up 4.9% from January’s $204.5 million and up 9% when compared with February 2023.
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With a year-to-date total of $419.1 million, 2024 is up 6.5% when compared with the same time period in 2023.
“After some declines in orders to end the fourth quarter of 2023, the U.S. cutting tool industry has seen rebounds in monthly orders and growth in shipments to begin the first quarter of 2024,” said Steve Boyer, president of USCTI. “Inflation continues to add some apprehension for upcoming quarters, but the industry continues to positively show growth even if that pattern is of uneven growth.”
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.
