Caterpillar has more ugly news about the global economy.
The industrial-equipment maker reported its latest 3-month rolling sales data on Thursday. And virtually everything was down yet again.
Caterpillar is often considered a bellwether of the global manufacturing industry and the world economy because of the size and scope of its operations. Its equipment is used for expensive, long-term capital projects around the world.
Total machine sales were down 13% worldwide, and 14% lower in the Asia/Pacific segment that includes China.
Sales in the resources-industries segment, primarily responsible for equipment used in mining and quarries, were down 25% globally.
And in construction industries, sales were down 9%. But there was a 7% increase in the Asia/Pacific region, which was the only stat that was up on a 3-month basis.
US manufacturing is in the midst of a slow and mixed recovery after a sharp downturn in 2015. It’s been supported by a slowdown in the dollar’s rally. Comments from regional surveys show some improvement, but signs are that the industry is not completely in the clear yet.
This chart shows Caterpillar’s full machine sales: