Asked about current sales levels compared with a year ago, fewer American Hardware Manufacturers Association members said sales were up, according to the latest member survey from the AHMA.
While an impressive 71% of respondents said sales were higher in August versus year-ago levels, that’s down from 77% who said the same in July.
“While the confidence index has declined for two consecutive months, we remain encouraged by the fact that 71% of our responding members report sales in August above year-ago levels,” said Timothy S. Farrell, president and CEO of the AHMA. “With recent reports showing a decline in new-home sales and a reduction in consumer spending, it is understandable that hardware manufacturers have a cautious outlook regarding the prospects for overall economic growth and sales going forward.”
For August, 24% reported sales were even, and 6% said sales were below year-ago levels.
Looking forward one year, 59% of respondents project sales will be higher, down from 82% who felt that way in July. Thirty-five percent of August respondents project sales will be even one year from now, and 6% project sales will be below current levels.