Office supplies giant Staples reported second quarter earnings on Tuesday and they pretty much stunk.

Net earnings fell to $92 million, off 38 percent compared to a year earlier.

One of the biggest areas hit was business spending, as companies continued to pare back on just about everything. In particular, they've been cutting back on bigger ticket items like desks and chairs. But I suppose if you aren't planning to hire anyone to fill them, why bother?

And while many are beginning to feel like the economic recovery is here, little things like this give one the impression it isn't going to be a booming one. Companies are remaining frugal, buying what they need and still looking to cut where they can.

"Many of Staples' customers have moved to lower margin on-contract products ... and this weighed on margins in the second quarter," Staples chief operating officer Michael Miles said on a call with analysts, according to Reuters.

Contract products are things like paper and printer ink, everyday necessities for any business. It feels like people are rationing for the coming winter, not preparing to unleash a big, new capex initiative.

As for coming quarters, Staples did not provide any sales or earnings guidance. Indeed, the company has not offered an earnings outlook since September and said following fourth quarter results that it wouldn't be because of "limited near term visibility."

And that right there pretty much sums up the state of the recovery.