February cutting tool orders up 9% YOY
By Christopher Chidzik
February 2024 U.S. cutting tool consumption totaled $214.6 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was up 4.9% from January’s $204.5 million and up 9% when compared with the $196.9 million reported for February 2023. With a year-to-date total of $419.1 million, 2024 is up 6.5% when compared to the same time period in 2023.
“After some declines in orders to end the fourth quarter of 2023, the U.S. cutting tool industry has seen rebounds in monthly orders and growth in shipments to begin the first quarter of 2024,” observed Steve Boyer, president of USCTI. “Inflation continues to add some apprehension for upcoming quarters, but the industry continues to positively show growth even if that pattern is of uneven growth.”
Bret Tayne, president of Everede Tool Co., noted: “In spite of some uneasiness and uncertainty in the general economy, cutting tool sales remained on an upward trend in February. The yield curve remains inverted, and inflation remains stubbornly high. The commercial aircraft sector is in a challenging period. Automobile manufacturers have become increasingly concerned about the direction of the EV market. Elections are approaching, and consumer sentiment is volatile. It will be interesting to see if the cutting tool industry can maintain momentum over the next several months.”
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