The 2020 Mid-Year Economic Update_long

Day: August 14, 2007

Hagemeyer Acquires Bryant Electric Supply

Hagemeyer North America has acquired Bryant Electric Supply Company, Inc., Charlotte, NC, to extend its goal of expanding its electrical market penetration in the Southeastern U.S.
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Bryant has annual revenues of $50 million and operates five locations with 100 associates. It is focused in the industrial segment and also serves the Construction and Installation market, mainly non-residential. Bryant will be merged with Hagemeyer's Carolinas business unit. Bryant Electric Supply will continue to operate under the same name.

We're excited to be teaming up with Bryant to further penetrate the growing Charlotte market," said Dave Gabriel, CEO of Hagemeyer North America. "This further strengthens Hagemeyer's commitment to growing our electrical business, building ...

Home Depot Profit Falls in 2Q

The Home Depot reported fiscal 2007 second quarter consolidated net earnings of $1.6 billion compared with $1.9 billion in the same period in fiscal 2006.
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Sales for the second quarter totaled $22.2 billion, a 1.8% decrease from the second quarter of fiscal 2006, reflecting negative comparable store sales of 5.2%, offset in part by sales from new stores.

In a conference call, Home Depot reported sales for HD Supply were down 7% overall, with organic sales down 10%.
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While the challenging housing market continues to present us with a tough selling environment, our financial performance was in line with our expectations," said CEO Frank Blake.

"... We believe the housing and home improvement markets will remain soft into 2008; we will ...

Wholesale Prices Up 0.6% in July

Wholesale prices advanced 0.6% in July, seasonally adjusted, the Bureau of Labor Statistics of the U.S. Department of Labor reported. This increase followed a 0.2% decline in June and a 0.9% rise in May.

At the earlier stages of processing, prices received by manufacturers of intermediate goods rose 0.6% in July compared with a 0.5% gain in June, and the index for crude materials climbed 1.2% subsequent to a 0.3% increase a month earlier.
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Among prices for finished goods, the index for energy goods rose 2.5% in July following a 1.1% decrease in June. Prices for finished consumer foods inched down 0.1% after declining 0.8% in the previous month. By contrast, slightly counteracting the upturn in finished goods prices, the increase in the index for finished ...