Heating, Air-conditioning and Refrigeration Distributors International reported a 3.2 percent sales increase for June. The average annualized growth for the 12 months through April 2017 was 8.5 percent.

“Real GDP is doing well, US Industrial Production is strong, and consumers are doing well,” said HARDI senior economist Connor Lokar. “Overall the US economy is firing on all cylinders. The modest sales growth for the month reflects the weather, not a change of economic health.

The Days Sales Outstanding, a measure of how quickly customers pay their bills, is near 48.5 days.

“April and May are the high points for the annual DSO cycle,” said Loftus. “We should now stay less than 50 and approach mid-40s in the autumn when the temps get back to the mid-40s.”