The May report marked the strongest three-month reading since the third quarter of 2014. All of the purchases forecast will be for new equipment. Seven percent of respondents not planning purchases reported plans to extend the lease on their current equipment.
Following April’s slowing growth, the volume reading advanced for the fifth consecutive month in May to 65.3, over twenty points above the December 2016 index. Ten percent of respondents reported having significant gains, 53% percent had modest increases, and 33% were flat. The remaining 4% of fleets had either significant or modest decreases. Said one fleet: “Generally industrial customers seem to be increasing loads slightly, nothing over the top, but generally load counts are moving up.”