November U.S. cutting tool consumption totaled $202.7 million, according to the latest Cutting Tool Market Report (CTMR) published by the U.S. Cutting Tool Institute (USCTI) and the Association for Manufacturing Technology (AMT).

That total was down 4.9% from October’s figure and up 4.4% year-over-year. With a year-to-date total of $2.26 billion, cutting tool consumption through the first 11 months of 2023 was up 7.5% vs. a year earlier.

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.

“Aerospace and automotive markets are still working on an impressive backlog and sales that will continue to keep most shops busy well into the new year,” AMT Cutting Tool Product Group President Jack Burley said in a Jan. 18 news release. “Despite high inflation and interest rates, there is still a positive mood for most companies who are working in manufacturing. This should be good news for 2024 forecasts within our industry.”

“Despite predictions of a recession in 2023, the economy has glided into what appears to be a soft landing,” added Christopher Chidzik, Principal Economist at AMT. ”To support this steady economic activity, cutting tool shipments have been on a reliably upward trend since they hit bottom in mid-2020. Cutting tool demand in 2024 should continue as long as consumer demand for durable goods remains elevated, businesses continue to invest in capital equipment, and government investment in infrastructure and manufacturing continue to come online.”