July 2024 U.S. cutting tool consumption totaled $191.8 million, according to the latest Cutting Tool Market Report (CTMR) published by the U.S. Cutting Tool Institute and the Association for Manufacturing Technology (AMT).

That total was down 7.8% from June 2024 and were up 1.7% from July 2023. Year-to-date shipments totaled $1.46 billion, representing a 2.5% increase from shipments made in the first seven months of 2023.

“July is typically a slower month, but overall, the curve has flattened out,” AMT’s Cutting Tool Product Group Chairman Jack Burley said in the group’s Sept. 20 news release. “Commercial aerospace and automative production have leveled off, and this has a direct impact on cutting tool consumption and new orders. As we near the end of the third quarter, I expect shipments of cutting tools to continue to trend as they have so far this year, and we all remain optimistic that IMTS will provide the necessary boost to our shipments for a positive end to 2024.”

“Manufacturing production typically slows during the summer months, but it is concerning to see the year-on-year growth in cutting tool shipments continue the decline that began in April,” Kyocera SGS Precision Tool President Tom Haag added. “If we consider inflation and price increases, I see the current year as flat. Looking forward, the current Boeing strike could add additional headwinds. However, there is an expectation that lower interest rates and the IMTS exhibition will generate new investment to counter this slowing manufacturing output.”

The CTMR is jointly compiled by AMT and USCTI, two trade associations representing the development, production and distribution of cutting tool technology and products. It provides a monthly statement on U.S. manufacturers’ consumption of what they tout as the primary consumable in the manufacturing process — the cutting tool

The graph below includes the 12-month moving average for the durable goods shipments and cutting tool orders. These values are calculated by taking the average of the most recent 12 months and plotting them over time. Click on the images for a larger version.