From ASA’s Monthly Sales Report, by primary business emphasis, industrial PVF distributors said May sales were up 7.1% year-over-year — this follows two consecutive months of double-digit growth.

Year-to-day (YTD) PVF distributor sales were up 8% and trailing-twelve-month (TTM) sales rose 3.7%, while PHCP distributors said May sales were up 0.7% (YTD +4.9%; TTM +2.5%).

Combined PHCP & PVF distributors said May sales rose 8.9% (YTD +7.1%; TTM +2.2%).

All respondents overall reported a median May sales increase of 4.5% y/y and -3.7% vs. April 2025. Calendar-year YTD sales were up 5%, while trailing 12-month sales were up 2.4%. Inventoryies rose 6% vs. May 2024. The median three-month average days sales outstanding (DSO) dropped to 40 days.

Economic indicators:

Real GDP (Q1 2025): -0.2% (annualized), dragged down by lower government spending and a wider trade deficit as imports surged ahead of new tariffs. Wholesale trade (April): Sales +6.0% y/y; inventories +2.3%; "real" wholesale sales (inflation-adjusted) +6.8%.

Residential construction (May): Housing starts remain below May 2024; building permits fell for a second month, and also remain below 2024 levels. Labor market: The national unemployment rate for May remained at 4.2% for the third consecutive month.

What ASA members are saying:

"Activity has picked up both on the quote and sales fronts. With announced and realized price increases due to tariffs, margins and profitability have been negatively impacted. Further, inventory levels have increased with forward purchases to reduce the impact of price increases associated with tariffs."

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"Business remains strong, especially in the multifamily and OEM segments of our business. I am cautiously optimistic about the remainder of the year."

"FY 2025 has started very strong — actual sales are beating budget by MSD. However, our backlog has started to deteriorate over the past month or so. We will soon see if this is a sign of things to come, or just a coincidence."

"May remained very strong. We believe there was a modest boost from a pull forward of demand ahead of price increases, but the pipeline remains strong despite the tariff noise."

"May was busier than we expected. June has started off well as sales go on. We are feeling the higher cost of things, sales are higher, but gross margin is lower."

"Net sales continue to be consistently better than the prior year while holding margins. Although, they have been declining for the past few months, which I will be keeping an eye on. New construction in both housing and commercial buildings remains strong and should for the next few months."

"Not a lot of optimism about the future with service and repair contractors, but they still seem to be busy."

"Our last 3 months were the best months in our history!!!"