Confusingly, the issue was fixed in a larger point release on Python 3.3 than on Python 3.2.

pkg_resources/py31compat.py

@@ -15,8 +15,8 @@ def _makedirs_31(path, exist_ok=False):
 #  and exists_ok considerations are disentangled.
 # See https://github.com/pypa/setuptools/pull/1083#issuecomment-315168663
 needs_makedirs = (
-    sys.version_info < (3, 2, 6) or
-    (3, 3) <= sys.version_info < (3, 3, 5) or
+    sys.version_info < (3, 2, 5) or
+    (3, 3) <= sys.version_info < (3, 3, 6) or
     (3, 4) <= sys.version_info < (3, 4, 1)
 )
 makedirs = _makedirs_31 if needs_makedirs else os.makedirs