MSC Industrial Direct Inc., Melville, NY, said in a recent conference call with investors that it has seen a slowdown in revenue growth in the past few months.

We're mindful of the ISM index and its historic correlation to our growth rate, CEO David Sandler said of the Institute for Supply Management's monthly manufacturing report. While we believe a number of marketing and sales initiatives will moderate its impact … it is apparent that three to six months of ISM weakness has modestly affected our revenue growth and will probably continue to do so in the next couple of quarters if past experience proves out."

Still, thanks in part to its acquisition of J & L Industrial Supply last year from Kennametal, the industrial MRO distributor recorded an increase in sales ...