Economics
That Recession in U.S. Industrial Economy? Stocks Show It, Too
- Fastenal CFO says part of economy contracting amid order slump
- Index of industrial suppliers falls 18 percent in 2015
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A group of industrial stocks is posting its biggest declines since 2008, a sign that investors agree with a Fastenal Co. executive who said parts of the U.S. economy are in a recession.
A Standard & Poor’s 500 index that includes Fastenal, WW Grainger Inc. and United Rentals Inc. has fallen 18 percent so far in 2015, putting it on track for the second-worst performance in data going back to 1996. The group has the fifth-worst return this year among 67 S&P 500 industries, as weak demand from overseas customers holds back U.S. exports and manufacturing. It rose 0.4 percent to 360.99 at 9:32 a.m. in New York.