The U.S. Cutting Tool Institute (UCTI) and Association for Manufacturing Technology (AMT) reported that sales for cutting tools in January 2023 totaled $196.2 million. Sales were up 4.2% from December and 22.7% from January 2022.
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“The outlook remains strong for 2023; cutting tool suppliers continue to reduce back orders and increase inventory,” said Jack Burley, chairman of AMT’s Cutting Tool Product Group and Committee. “Modest increases in the data can be attributed to inflation, but incoming new order activity remains at a good level. Based on the positive report from January, I expect that 2023 will meet expectations.”
