September cutting tool orders down 8.1% from August

September 2023 U.S. cutting tool consumption totaled $201.4 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 down 8.1% from August’s $219.2 million and up 4.3% when compared with the $193.1 million reported for September 2022. With a year-to-date total of $1.85 billion, 2023 is up 8.1% when compared to the same period in 2022.

These numbers and all data in this report are based on the totals reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools.

“The third quarter and September data for 2023 indicates that manufacturing output is still strong based on cutting tool data,” observes Jack Burley, chairman of AMT’s Cutting Tool Product Group. “In some regions, however, consumption has flattened compared to 2022, while other regions have increased due to the primary mix of industries they support. Overall activity is reasonably good and should continue into the fourth quarter.” 

The Cutting Tool Market Report 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 the primary consumable in the manufacturing process – the cutting tool. Analysis of cutting tool consumption is a leading indicator of both upturns and downturns in U.S. manufacturing activity, as it is a true measure of actual production levels.

Historical data for the Cutting Tool Market Report is available dating back to January 2012. This collaboration of AMT and USCTI is the first step in the two associations working together to promote and support U.S.-based manufacturers of cutting tool technology.

The graph above 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.