Sales among HARDI member distributors grew 2.2 percent in August, a drop of 11 percentage points from the previous month, the association reported.
Four the seven North American regions that make up the monthly Targeted and Regional Economic News for Distribution Strategies report declined during the month. Over a 12-month period, sales are still up, said Andrew Duguay, the Heating, Air-conditioning and Refrigeration Distributors International’s economist.
“Sales over the past 12 months are up 3.8 percent,” Duguay said. “The improving results on a 12-month basis since the recent low point of 2.7 percent in February show a modest, stable growth trend this year that is consistent with the macroeconomic trends we are witnessing in U.S. industrial production and retail sales so far in 2012.”
The months ahead could be problematic, Duguay added.
“The stability that has been supporting consumer confidence could be threatened in the months ahead,” he said. “It seems the positive momentum could be offset by the economic and political uncertainty emanating from Europe and China, and the prospects for surviving our own fiscal cliff that is due to arrive in January.”