International. The International Association of Heating, Air Conditioning and Refrigeration Distributors (Hardi) published its latest "Monthly Trends" report, which shows the average sales for HARDI distributor members, which increased by 4.6% in November 2015.
Annual growth for the 12 months to November 2015 fell further, to 5.5%. This is the third consecutive drop from the recent high of 7.3% reached in the 12 months to August 2015.
"November has had a tough comparison and this year had an additional billing day to help with the challenge, but warmer weather and heavy rains in many parts of the country interfered with this month's trade," said Brian Loftus, market analyst at Hardi and Benchmarking.
The association says this modest pace of growth could possibly persist. "Hardi members are definitely feeling the slowdown well into the first half of 2016 – before things improve in the second half of the year," said Connor Lokar, an economist at Hardi. "2017 will be moving forward and upward to a strong and better year of macroeconomic growth."
The Days Sales Outstanding (DSO), a measure of how quickly customers pay their bills, is now at 45.5. "The DSO is similar to last year right now," Loftus said. "In a couple of years with an improvement in the economy it will be easier for customers to comfortably pay their bills faster. A few years ago, right now DSO was in the 40s."
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