When FAST is Slow you know it is a Depression
FASTenal Co. is one of the best managed companies in the S&P. It sells industrial and construction supplies and is an excellent barometer on the overall health of the economy.
The company reported today that SALES were down OVER 21% despite increasing the number of stores it sells through. http://finance.yahoo.com/q?s=fast
Since a DEPRESSION is commonly defined as a contraction in GDP of only 10% peak to trough, it is getting clearer and clearer that our economy entered into a Depression in the second quarter as industry after industry, and company after company are reporting sales declines of double digits.