The American Hardware Manufacturers Association (AHMA) reported a decline in industry confidence for the month of October.
A survey of AHMA members revealed fewer companies reporting higher sales. In comparing current sales levels with year-ago levels, 70% of respondents said sales were higher in October versus year-ago levels, down from 75% in September. For October, 17% reported sales were even, and 13% said sales were below year-ago levels.
“Given the uncertain economic environment in the first few weeks of October resulting from the partial government shutdown, we are encouraged by the continuing high level of sales growth being generated by our members,” said Timothy S. Farrell, president and CEO of the AHMA.
Looking forward six months, 48% of October respondents said they expect sales to be above current levels, down from 63% in September. In October, 48% of respondents said they expect sales to be even in six months and 4% expect sales to be below current levels.