The seasonally adjusted Fastener Distributor Index (FDI) for January was 57.7, down from 62.6 in December, according to the latest analysis from Baird, FCH Sourcing Network and the Institute for Supply Management.

However, said Dave Manthey of Baird, “The percentage of respondents indicating sales were above expectations was essentially unchanged vs. last month [December] at ~70%. The headline deceleration in the FDI purely reflected the seasonal adjustment factor, which moderated the overall index relative to what is typically a very strong month in the survey.”

The Forward-Looking Indicator (FLI) did improve, to 66.7 from 65.7 in December. According to the report, the FLI “implies additional expansionary readings in the months ahead, in our view.”