Shipments of cutting tools, as measured by the Cutting Tool Market Report compiled in a collaboration between AMT – the Association for Manufacturing Technology and the U.S. Cutting Tool Institute (USCTI), totaled $212.5 million in October 2024.
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Orders increased 12.6% from September 2024 and were down 0.2% from October 2023. Year-to-date shipments totaled $2.07 billion, up 0.6% from shipments between January and October 2023. The year-to-date growth rate has declined every month since April 2024.
“Orders for cutting tools in the United States have slowed significantly as we approach the final months of 2024,” said Steve Boyer, president of USCTI. “Four of the last five months have seen lower numbers compared to the same period last year. Several factors have contributed to this decline, including uncertainty in the political landscape, work stoppages at major cutting tool users and ongoing challenges with high interest rates. However, there is some optimism for the future, with upcoming projects in large industries planned for 2025 and a modest decrease in interest rates already observed.”
Steve Stokey, executive vice president and owner of Allied Machine and Engineering, said: “The data indicates what most of us realize, and that is the economy continues to be soft. The economic forecasts show we are at the bottom of the curve, and better times are ahead. The upturn cannot come soon enough.”
