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If the US avoids a recession, or at least a deep one, it will most likely be able to thank industrial companies.
While demand on the consumer side of the economy is weakening, it remains solid in the manufacturing sector and, more important, appears to be sustainable even if shoppers cut back further. Consider the outlook from a few companies most people pay little attention to.
Eaton Corp. Chief Executive Officer Craig Arnold said variations of “strong” and “strength” more than 45 times during a conference call with analysts on Aug. 2, and that’s not counting references to the dollar. “It feels positive, in some cases, too positive,” Arnold, whose company makes electrical gear for construction, power, autos and aerospace, among other goods. With a market value of about $60 billion, Eaton isn’t small.
Illinois Tool Works Inc., which is even larger than Eaton, said its organic sales were…
