All four broad categories of indicators used to construct the index made positive contributions in May, and all four categories increased from April.
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Latest report shows U.S. cutting tool consumption down 24.7% from previous month of March.
In many cases, distributor sales people report that they cant remember the last time they have reviewed their pricing with their leaders. MDMs John Gunderson shares five steps pricing teams take to maintain margins.
Housing starts also down compared to year-ago period but up compared to April, according to U.S. Census Bureau data.
PRI dips 8.5% for the week of June 8-12, indicating distributors are still struggling during pandemic.
According to the Industrial Production and Capacity Utilization Report, total industrial production grew 1.4% during the month.
The MDM Market Snapshot, based on data from MDM Analytics, includes market demand for Abrasives in the U.S., plus the top end users by 6-digit NAICS.
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Recent economic reports show upward momentum for the overall U.S. economy and the wholesale distribution industry in particular, but not all data points paint a rosy picture, indicating recovery will be a slog.
Distributor expects negative impact from COVID-19 to be reflected in second quarter results.
The safety category again stole the show for Fastenal Co. during its May sales report with a 136.3% increase, while the companys fastener business has likely hit the bottom during the COVID-19 disruption and could be on the upswing.
The April figure is 3.0% above the April 2019 estimate of $1,307.1 billion.
International coronavirus stay-at-home orders have accelerated the imperative for distributors to improve virtual sales tactics. MDMs most-read blogs of May continued to focus on COVID-19 and its long-term effects for the distribution industry, particularly the sales process.
The decrease in real GDP in the first quarter reflected negative contributions from PCE, private inventory investment, nonresidential fixed investment and exports that were partly offset by positive contributions from residential fixed investment, federal government spending and state and local government spending.
All four broad categories of indicators used to construct the index made negative contributions in April.
The index shows eight weeks of double-digit average declines and five consecutive weeks with declines in the mid-teens.
New orders for manufactured durable goods in March, down following three consecutive monthly increases, decreased $36.6 billion or 14.7% to $212.6 billion, down from the previously published 14.4% decrease.
Four critical actions to take for an effective transition of sales teams to this new environment include reassurances about compensation, addressing performance gaps, elevating customer conversations and training on new customer interactions.
The unemployment rate rose to 14.7%, the highest rate and the largest over-the-month increase in the history of the series.
All but one participant in the Pandemic Revenue Index realized a sales decline year over year, with a maximum decline of 43%. We now have six weeks of double-digit average declines.
