The April Survey of Economic Indicators prepared for FPDA by Cleveland Research reported that underlying activity deteriorated throughout the quarter and ended with March sales down 12% on a days adjusted basis (up 3% including an extra day). It appears oil & gas took another step down in March and will be a significant headwind in F4Q and into FY16. This is reflected in the full year 2015 outlook which was lowered by 200bps with sources now forecasting 3-4% growth, down from 5-6% previously. CR sees further risk to the outlook dependent on the magnitude of the oil & gas weakness as well as its impact on the broader industrial market. See the full report here.