October 2024 U.S. cutting tool consumption totaled $212.5 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 up 12.6% from September 2024 and down 0.2% from October 2023. Year-to-date shipments totaled $2.07 billion, representing a 0.6% increase from shipments made between January and October of 2023.

“Orders for cutting tools in the United States have slowed significantly as we approach the final months of 2024,” USCTI President Steve Boyer said in the group’s Dec. 11 news release. “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.”

“The data indicates what most of us realize, and that is the economy continues to be soft.” Allied Machine and Engineering Executive VP and Owner Steve Stokey added. “The economic forecasts show we are at the bottom of the curve, and better times are ahead. The upturn cannot come soon enough.”

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 chart for a larger version.