Many publicly owned electrical manufacturers released their second-quarter 2002 earnings reports in the last few weeks. As one would expect, the financial news wasn't good, and many companies reported sales or earnings declines of 10 percent or more for the second-quarter 2002, compared to the same time period in 2001. In this batch of financial reports, CEOs for some of the largest companies in the electrical construction market had some sobering things to say about the economic outlook for the rest of 2002.

“While some economic indicators have turned positive, optimism is not yet apparent in the customers we serve or in industrial markets in general. Our assessment of the economic environment hasn't changed. The remainder of 2002 will be slow with continuing erosion in demand from commercial markets offsetting any industrial improvement.”

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