“Distributor sales during September were off by -4% from September 2022, but that number needs some context,” said HARDI Macroeconomic & Residential Market Analyst Brian Loftus. “September this year had one less billing day than the prior year. We estimate the sales growth was near 1% with the same number of billing days versus September 2022 when sales were up by 17.6%. Sales this month are up by 12.9% versus September of 2021.” From that perspective it looks like distributors are treading water at an elevated level.

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