Oct 22 - Caterpillar said the global economy is slowing faster than it had expected and slashed its 2012 forecast for the second time this year.
Caterpillar the world's largest maker of heavy equipment posted better than expected quarterly profits but that was the only positive news its revenue missed. And for the second time this year it cut its 2012 forecast. Chief executive that Iran and basically saying that the global economy is weakening faster than even he had expected. He's not expecting things get better until middle part of next year. I'll be it was some pockets of weakness remains so Europe's still remaining quite weak for the company China he said has turned a corner but here in the United States he's nervous about this fiscal -- that could happen at the end of 2012 going into 2013. Or -- -- is calling for more certainty. At a DC and with the White House and congress basically getting along he wants. That uncertainty to go away because many of its customers are holding -- cash not buying new tractors -- -- -- needed for large construction projects so this is really trickling down to Caterpillar's dealer network. Where basically it's there customers are not buying more so the dealer network is not buying from caterpillars are Caterpillar's idling plants. And shut in production down temporarily. Across Illinois Indiana and many of these United States factories. I'm still over how many saying he doesn't think the world will slip back into recession he's very optimistic. And you know he's got some operating rate numbers to prove -- you know even though idling production is happening -- still operating rather strongly. In key markets around the world. You know including China where is rapidly expanding and -- Herman does see an improvement in the economic picture there.