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Heating, Air-conditioning and Refrigeration Distributors International reported 2.3 percent sales growth for January. The annualized growth through January is 5.9 percent, just under the lower edge of the 2014 range of between 6 and 7.
“The construction industry across the U.S. is in a distinct deceleration trend,” said HARDI Senior Economist Danielle Marceau. “This is likely weighing on the pace of rise for company sales in early 2015.”
The Days Sales Outstanding, or DSO, a measure of how quickly customers pay their bills, began its normal seasonal ascent. The DSO is now 49, comparable to last year at this time and up from 46 last month. Annual sales per employee appears to have peaked in several of the economic reporting regions.