The U.S. Cutting Tool Institute (UCTI) and Association for Manufacturing Technology (AMT) reported that orders of cutting tools in March 2023 were $225.6 million. Consumption was up 14.6% from January 2023 and 14.9% from March 2022.
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Total orders for the year are $618.9 million, up 18.1% from the first three months of 2022.
“While the March data was impressive and most shops remain busy, early indications are showing that Q2 will not continue to perform at this level,” said Jack Burley, chairman of AMT’s Cutting Tool Product Group and Committee. “The anticipated reduction in demand we thought would not happen until the third quarter appears to be sooner than expected. On a positive note, it was good for cutting tool producers to have a great first quarter to build upon.”
