The U.S. Cutting Tool Institute (UCTI) and The Association for Manufacturing Technology (AMT) reported that orders of cutting tools in May 2023 were $210.6 million. Consumption was up 10.8% from April 2023 and up 20% from May 2022.
Total orders year to date were $1 billion, up 16.1% from the prior-year period.
“The cutting tool consumption in May indicates that metal-cutting production has not been drastically affected yet by a slowdown,” said Jack Burley, chairman of AMT’s Cutting Tool Product Group and Committee. “There is some hesitancy from the market for new projects, but overall, we are still trending in the right direction.”