The U.S. Cutting Tool Institute (UCTI) and Association for Manufacturing Technology (AMT) reported that sales for cutting tools in February 2023 totaled $196.9 million. Sales were up 0.2% from January 2023 and 17.5% from February 2022.
Total sales for the year are $393.4 million, up 20.1% from the first two months of 2022.
“At this point, cutting tool sales for 2023 are up over the same time period last year,” said Jeff Major, president of USCTI. “Business concerns still exist regarding inflation, the banking industry, and a potential recession near the end of the year.”