3Q23 revenue growth for industrial sectors declined 0.5%, according to the latest Baird-MDM Distribution Survey. Premium members can get our resulting MarketPulse report now.
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It dwarfs the 2.1% growth seen in 2023's second quarter.
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Mike Marks and Tom Gale discuss data points from the 3Q23 Baird-MDM Survey, what the front lines in distribution are saying about how 4Q is shaping and things firms can do now to outperform in 2024.
U.S. cutting tool consumption totaled $219.2M, according to the U.S. Cutting Tool Institute and Association For Manufacturing Technology.
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Industrial production increased 0.3% during the month and advanced at an annual rate of 2.5% in the third quarter.
However, certain markets continue to see strong demand and runway, led by U.S. manufacturing.
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Over the past 12 months, the all-items index increased 3.7% before seasonal adjustment, according data from the federal government.
Nonresidential construction input prices increased 0.2% for the month as well, according to Associated Builders and Contractors.
James Dorn joins MDM's Tom Gale to bust the myth of not being able to grow both top-line revenue and margin in challenging market conditions.
More than 40% of the September increase in prices for final demand goods can be traced to a 5.4% rise in the index for gasoline.
The annual sales growth for the 12 months through August 2023 was 5.7%, according to HARDI.
Despite rising project financing costs, contractors report lofty backlog, rising employment, expanding sales and stable profit margins.
Year-to-date, however, orders have reached $2.23 billion, 12.6% lower than the first eight months of 2022.
MDM's September content eyed what a leading distributor looks like in 2030; equipment leasing vs. purchasing considerations; and a deep dive on Ferguson's market positioning.
The month-to-month growth is a considerable rebound from July’s 2.1% decline, according to the latest Census Bureau data.
Construction spending during August 2023 was estimated at a seasonally adjusted annual rate of more than $1.98 trillion.
The latest data shows a reading of 49% for September, the 11th straight month that the Producer Manufacturing Index was in contraction.
