How Could This Be A Recovery With Caterpillar Sales Like These?

Earlier we noted that Caterpillar’s (CAT) quarterly earnings could basically be boiled down to: Asia good, America bad.

An 8-K filed later on emphasises this point, and looking at the chart we’re really perplexed as to how one might consider the US economy — at least when it comes to the kind of earth-moving equipment that Caterpillar says — in recovery.

Retail Sales of Machines by marketing region for the 3-month rolling period compared with the same months of the prior year are:

chart

Down 21% from the first three months of 2009? What’s going on here?

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