Heating, Air-conditioning and Refrigeration Distributors International reported a 4.7 percent sales increase in July. The average annualized growth for the 12 months through July was 8.8 percent.

“U.S. industrial production transitioned to Phase B, accelerating growth, in June,” said Connor Lokar, HARDI senior economist. “We expect this to drive accelerating consumer spending through mid-2018 before the rate of growth slows throughout 2019.”

The Days Sales Outstanding, a measure of how quickly customers pay their bills, is 45 days.

“July and August are the seasonal low points for the annual DSO cycle,” said Brian Loftus, HARDI market research & benchmarking analyst. “The modest sales activity during this important seasonal month probably led to the conservative result.”