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09/10/2014
FPDA Economic Indicator Survey Reports 7% Growth in Sales in July
Sales in our fluid power survey grew 7% in the July accelerating from 6% growth in June as underlying demand continues to improve driven by strong oil & gas activity. The 2014 outlook of 5-6% implies growth of 7-8% in the remaining 5 months of the year which appears reasonable given improved sales, order and backlog growth rates but we expect weakening ag markets to limit additional upside to the calendar 2014 outlook.