January 2024 U.S. cutting tool consumption totaled $204.5 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 9.1% from December’s $187.5 million and up 4.1% when compared with the $196.5 million reported for January 2023.

“January cutting tool shipments are a good start to 2024 and indicate that the expected decline will not be as severe as some fourth-quarter predictions that were based on the contraction in durable goods spending,” asserted Jack Burley, chairman of AMT’s Cutting Tool Product Group. “Job shops are reporting business activity, and quoting has slowed down some; however, large original equipment manufacturers in automotive, truck, and aerospace are still investing in new production lines. Overall, there is optimism within the industry for continued growth this year.”