Cutlery and Handtool Manufacturers NAICS 3322

Jul 18, 2025 - Cooling Construction Spending

• Construction spending – a driver of demand for hand and cutting tools – declined on a monthly and annual basis in May, the fourth consecutive month of decline, according to the latest data from the US Census Bureau. Construction spending during May 2025 was estimated at a seasonally adjusted annual rate of $2,138.2 billion, 0.3% below the revised April estimate of $2,145.5 billion. The May 2025 figure is 3.5% below the May 2024 estimate of $2,215.4 billion. Spending on residential and nonresidental construction also fell in May compared to April. Public construction spending was relatively flat, with an uptick in educational construction offsetting a drop in spending on highway construction. During the first five months of this year, total construction spending was $841.5 billion, 2.1% below the $859.6 billion for the same period in 2024.
• A bipartisan group in Congress introduced legislation in May that would boost manufacturing by small US firms, Barron’s reports. As part of the Trump administration’s efforts to revive US manufacturing and create jobs, the Made in America Manufacturing Finance Act would raise the $5 million cap on Small Business Administration 7(a) and 504 loans to $10 million, but only for manufacturers. (The current $5 million limit hasn’t changed since 2010.) The 7(a) program offers flexible financing for working capital, equipment, and real estate, while the 504 program is typically used for fixed assets like land and large machinery. The 7(a) loan program, which guarantees loans issued by banks and nonbank lenders, has long been a cornerstone of small business financing. Lenders broadly support the bill, but would like to see it applied to all small business loans, according to Forbes.

• Shop floor injuries needn’t be serious to be costly. In its 2024 Injury Impact Report, the insurer The Travelers Companies found the most common workplace accidents accounted for the majority of claim costs. The most frequent causes of injury identified in the report included overexertion (29% of claims analyzed); slips, trips, and falls (23%); being struck by an object (12%). Those injuries were also the top drivers of severe claims, defined as $250,000 or more. Slips, trips, and falls, which include falls from height, topped that list. Injuries related to overexertion can result in extended absences with injuries like dislocations having the highest number of average lost-time days at 142 days, followed by fractures (92 days), and inflammation (85 days). Improving shop floor ergonomics, eliminating trip/fall hazards, and material handling mishaps are three areas metal fabricators can focus on to reduce injuries and time lost.
• Producer prices for cutlery and handtool manufacturers rose 6.1% in May compared to a year ago after rising 2.7% in the previous May-versus-May annual comparison, according to the latest US Bureau of Labor Statistics data. Industry producer prices extended their four-year climb to reach a record high in May. Employment by cutlery and handtool manufacturers was flat year over year in April, while average wages at fabricated metal manufacturers rose 4.9% over the same period to a new high of $28.06 per hour, BLS data show. After-tax profits for fabricated metal products companies rose 39.4% YoY in Q4 2024, but fell 15.2% from Q3, according to the latest data from the Census Bureau.