Cutting Tool Orders in US Total $212.5 Million in October 2024, Marking a 12.6% Increase from September

According to the latest Cutting Tool Market Report, a joint publication by AMT – The Association for Manufacturing Technology and the U.S. Cutting Tool Institute (USCTI), October 2024 saw cutting tool orders reach $212.5 million, reflecting a 12.6% increase from September 2024. However, this marks a slight 0.2% decline compared to October 2023.

Year-to-date shipments stand at $2.07 billion, up 0.6% from the same period last year.

Despite the month-over-month growth, industry experts highlight ongoing challenges such as political uncertainty, work stoppages and high interest rates as contributing to a slower-than-expected year-end.

“Orders for cutting tools in the United States have slowed significantly as we approach the final months of 2024,” said Steve Boyer, president of USCTI. “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.”

However, optimism remains for 2025, driven by large upcoming projects and a modest decrease in interest rates.