Fastenal: U.S. Industries are on the Decline

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Have part of the U.S. industries been on the decline? According to a Bloomberg’s report on Nov. 04, the S&P 500 Trading Companies and Distributors Index (incl. Fastenal, WW Grainger Inc., and United Rentals Inc.) has declined by 18% this year, and the full year result may reach the worst record since 1996. Fastenal CFO Daniel Florness said in a phone conference for reporting Q3 performance on Oct. 13 that nobody knows the real situation of the industry better than Fastenal and U.S. industry is no doubt on the decline. Fastenal is the largest fastener distributor in the U.S.

 

The co-founder David Rubenstein of Carlyle Group LP said in an interview on Bloomberg on Oct. 9 that since WWII U.S. economy has been in a cycle of “entering a decline every 7 years”. So it is estimated that U.S. economy is likely to see this cycle happen again within 1-3 years.

 

Institute for Supply Management (ISM) reported on Nov. 2 that U.S. Purchasing Managers Index (PMI) dropped from 50.2 points in Sep to 50.1 points in Oct, the lowest record since May 2013. The report of ISM also reveals that metal products industry is in the list of industries with too many inventories in stock.

 

BASF SE CEO Kurt Bock pointed out on Oct. 27 that major markets like Brazil are on the decline and China is also facing a lower growth margin.

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