U.S. Companies Warn of Slowing Economy

"The industrial environment's in a recession. I don't care what anybody says," Daniel Florness, chief financial officer of Fastenal Co., told investors and analysts earlier this month. A third of the top 100 customers for Fastenal's nuts, bolts and other factory and construction supplies have cut their spending by more than 10% and nearly a fifth by more than 25%, Mr. Florness said.''

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The weakness is overshadowing pockets of growth in sectors such as aerospace and technology... The drag on earnings and sluggish growth projections for next year come as the Federal Reserve considers raising interest rates for the first time in nine years, and could add momentum to those in favor of postponing any rate increase until next year.