November U.S. cutting tool consumption totaled $206 million, according to the latest Cutting Tool Market Report (CTMR) published by the U.S. Cutting Tool Institute and the Association for Manufacturing Technology (AMT).

That total fell 17.6% from October, but was up 9.9% year-over-year. The report showed that November’s year-to-date shipments trended positively for a second straight month and totaled $2.34 billion, up 1.3% from the first 11 months of 2024 and an acceleration from +0.6% as of October.

“Cutting tool manufacturers and importers are doing their best to control prices, but it has become more apparent that the overall prices for carbide and HSS-based products are on the rise,” said Jack Burley, chairman of AMT’s Cutting Tool Product Group and president of cutting tool manufacturer Big Daishowa. “The latest trend shows that more products are sold in terms of total dollars, but the number of units delivered remains normal. Agriculture and automotive production remain flat, whereas aerospace and defense continue to produce at very high levels. As we approach 2026, I am optimistic that costs and production will settle in for unit growth after a turbulent year of uncertainty.”

“The market typically shows a significant drop-off in November, and this year was no exception,” added Steve Stokey, Executive Vice President and Owner of cutting tool maker Allied Machine and Engineering. “That seasonal dip also impacted the three-month moving average in typical fashion. The good news is the 12-month moving average continues its gradual upward trend. 2025 was anything but normal – but what’s new in business? We persevere, we figure it out, and we keep serving our customers. The trends suggest the table is set for a stronger 2026. It should be exciting to start selling in a rising-tide environment again!”

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.

The graph below 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. Click on the chart for a larger version.