Respondents to American Supply Association’s monthly sales report survey reported a median sales increase of 9% for November 2022 from the prior-year period.
This is the third month in a row where sales growth has slowed. Half of the PHCP/PVF distributors reported trailing 12 months’ sales growth between 12.9%-23.7%. Inventory also rose 19% in November 20222 from the prior-year period.
“While November reported solid growth (9%), it continued a three-month trend of slowing growth,” said Greg Manns, Industry Insights senior vice president. “It is the first month since February 2021 that the median year-over-year monthly sales growth was less than 10%. While some continue to experience continued solid sales growth, there are signs of more respondents starting to see the onset of a slowing economy.”
Industry Insights, which produces the monthly sales reports for ASA, says that with high inflation in the market, the year-over-year comparisons should be viewed with caution.