Screw dealers: US industry is already in recession
Release time：
2023-08-04
Some industries in the United States have already fallen into recession? Bloomberg reported on the 4th that the Standard & Poor's 500 trading companies and dealers index (including Fastenal, WW Grainger Inc. and United Rentals Inc.) has fallen by 18% so far this year. The worst record ever. Daniel Florness, Fastenal's chief financial officer, firmly stated in the third-quarter earnings conference call on October 13 that no one knows the current situation of the industry better than Fastenal, and the US industry is really in a state of recession. Fastenal is the largest screw distributor in the United States.
Some industries in the United States have already fallen into recession? Bloomberg reported on the 4th that the Standard & Poor's 500 trading companies and dealers index (including Fastenal, WW Grainger Inc. and United Rentals Inc.) has fallen by 18% so far this year. The worst record ever. Daniel Florness, Fastenal's chief financial officer, firmly stated in the third-quarter earnings conference call on October 13 that no one knows the current situation of the industry better than Fastenal, and the US industry is really in a state of recession. Fastenal is the largest screw distributor in the United States.
According to statistics from the American Railway Supply Institute (RSI), US rail car orders plummeted by 83% in the third quarter of this year, the largest drop in at least 27 years. David Rubenstein, co-founder of Carlyle Group LP, said in an exclusive interview with Bloomberg Television on October 9 that since World War II, the U.S. economy has been in recession about every seven years, so it should be in recession in the next 1-3 years. History will repeat itself.
U.S. industrial production rose 0.4 percent in September, the slowest growth rate since December 2009. The oil and gas well drilling index in the US mining production index was reported at 45.6416 in September 2015, a new low since July 1999.
The Institute for Supply Management (ISM) announced on November 2 that the US Manufacturing Purchasing Managers Index (PMI) in October 2105 dropped to 50.1 from 50.2 in September, the lowest since May 2013 (50.1).
According to the ISM survey, the customer inventory index fell to 51.0 from 54.5 (the fifth highest level since the statistics began in January 1997), which was at an excessively high (note: higher than 50) level for the third consecutive month, the highest level since the last economic recession long record. The fabricated metal industry is on the customer inventory list.
Cummins Inc., an independent professional heavy-duty diesel engine manufacturer, announced on October 27 that it would lay off 2,000 people. Cummins CEO Tom Linebarger pointed out that the company is taking a difficult but necessary move because orders in markets such as Brazil and China are currently at multi-year lows and there are no signs of improvement in the short term.
Kurt Bock, CEO of BASF SE, a leader in the chemical industry, also pointed out on October 27 that major markets such as Brazil are in deep economic recession, and markets such as China are also facing the test of declining growth rates.
