Not only is the fourth, feeble and final dead CAT bounce in US sales officially over, with December US retail sales tumbling -10% Y/Y, after “only” a -5% decline in November and hugging the flat-line for the past few months, but sales elsewhere around the globe were a complete debacle: Asia/Pacific (mostly China) was down -21%, EAME dropping -12%, and Latin America (i.e. Brazil) continuing its free fall dropping by -36%, but global retail sales just posted a massive -16% drop in the past month, tied for the worst annual decline since the financial crisis.
Putting the annual drop in context, CAT sales dropped 12% a year ago, another 9% in 2013, and -1% in 2012, or four consecutive years of declines!
But where the manufacturing depression as seen from the perspective of heavy industrial machinery operator has never been worse is shown in the chart below: CAT has now suffered a record 37 months, or over 3 years, of consecutive declining annual retail sales – something unprecedented in company history, and set to surpass the “only” 19 months of declining during the great financial crisis by a factor of two in January!
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Perhaps while debating whether the US is or is not in a recession, one should also ask how much worse the global industrial depression will get?
This article is brought to you courtesy of Tyler Durden From Zero Hedge.