Industrials/Multi-Industry: Fluid Power Survey #229: NA demand indicator decelerates unexpectedly

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Industrials/Multi-Industry: Fluid Power Survey #229: NA demand indicator decelerates unexpectedly

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Industrials/Multi-Industry

Fluid Power Survey #229: NA demand

indicator decelerates unexpectedly

Industry Overview

Fluid Power Survey #229, week of July 10, 2026 13 July 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 53.0 vs. 55.0 prior. NA demand decelerated to 53.6 from 56.3 vs the Industrials/Multi-Industry

previous survey. Our outlook indicator remained flat at 76.0 from last survey. However, Andrew Obin

NA outlook declined, falling to 85.7 from 87.5. Both our demand and outlook indicators Research Analyst

remain up YTD. As macro uncertainty continues, we find resilience in NA encouraging. In BofAS+1 646 855 1817

response to our question, “What was the most positive or negative surprise this andrew.obin@bofa.com

quarter”, responses were negative. Highlighting while NA is strong generally, there are David Ridley-Lane, CFA

Research Analyst

areas of softness. One US-based distributor commented “In my market, the weakness of BofAS

agriculture markets and other countries moving away from agricultural products sourced +1 646 855 2907

david.ridleylane@bofa.com

in the USA”. Another US-based distributor commented “general slowing of activity -may

Devin Leonard

be seasonal”. Research Analyst

BofAS

Our key global outlook indicator remained flat at 76.0 from last survey. Our +1 646 855 3698 devin.leonard@bofa.com

demand outlook indicator has a meaningful positive correlation with ISM Manufacturing

PMI (80% correlation) and ISM Manufacturing New Orders (72% correlation). We look at

it from 7/2017 to 7/2026.