PMA said its members report a general sense of uncertainty over industrial demand, the election outcome, and whether tariffs will increase.
Orders through the first months of the year were up nearly 5% over 2023.
The U.S. wholesale distribution’s sector’s overall revenue outlook for 2024 moved more aligned with its historical growth average, with an even better 2025 to follow.
The industrial economy barometer has been in contraction territory for 18 of the past 19 months through May.
It flipped from a strong 4.9% monthly gain in February.
All but two of the 19 wholesale distribution sectors we track moved more pessimistic month-to-month in our May forecast for 2024 revenue growth, which moved into lower single digits.
March orders typically see a large bump, as many sector manufacturers end their fiscal year at the end of the month.
It was a reversion from a March that had seen the first expansion-territory PMI since September 2022.
The U.S. Census Bureau’s annual March revisions to wholesale trade revenues considerably lifted its largest sector – oil & gas – which likewise raised the latest MDM forecast modeling.
At long last, U.S. manufacturing activity appears to be back in the black.
While oil & gas led the March downward revision for 2024, 10 of 19 total industry verticals likewise trended more pessimistic.
Consumption also increased 4.1% year-over-year, rebounding from December’s declines.
