Industrials/Multi-Industry: Fluid Power Survey #228: Results continue to be consistent with solid PMI

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Industrials/Multi-Industry: Fluid Power Survey #228: Results continue to be consistent with solid PMI

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Industrials/Multi-Industry

Fluid Power Survey #228: Results continue

to be consistent with solid PMI

Industry Overview

Fluid Power Survey #228, week of June 26, 2026 29 June 2026

This week, we surveyed 50 industrial distributors from North America, EMEA, and APAC Equity

focusing on fluid power products (hydraulics and pneumatics). Our demand indicator Americas

decelerated to 55.0 vs. 57.0 prior. NA demand decelerated to 56.3 from 58.7 vs the Industrials/Multi-Industry

previous survey. Our outlook indicator decelerated slightly to 76.0 from 77.0 last survey. Andrew Obin

However, NA outlook improved, rising to 87.5 from 82.6. Both our demand and outlook Research Analyst

indicators remain up YTD. We find continuing positive momentum in the face of macro BofAS+1 646 855 1817

uncertainty, particularly in NA to be encouraging. In response to our question, “What was andrew.obin@bofa.com

the most positive or negative surprise this quarter”, a response highlighted the David Ridley-Lane, CFA

Research Analyst

divergence of demand in the US and a softening abroad. One EMEA-based distributor BofAS

commented “Negative, price increases from US suppliers. US Suppliers quoting Tarif +1 646 855 2907 david.ridleylane@bofa.com

increases and ongoing war with Iran.”

Devin Leonard

Our key global outlook indicator decelerated slightly to 76.0 from 77.0 last BofAS

survey. Our demand outlook indicator has a meaningful positive correlation with ISM +1 646 855 3698 devin.leonard@bofa.com

Manufacturing PMI (80% correlation) and ISM Manufacturing New Orders (72%

correlation). We look at it from 7/2017 to 6/2026.

Exhibit 1: 48% of distributors surveyed