Caterpillar recedes

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Caterpillar recedes

Caterpillar ($85.08) the world’s largest maker of construction machinery cut its 2012 forecast for the second time this year as they warned that the global economy is slowing faster than expected. Caterpillar’s retail dealers are selling off inventories, which has caused the company to shutdown some plants temporarily. The firm does not expect the global economy to begin to improve until the second half of 2013. Despite this third quarter profits increase to $1.7bn from $1.14bn for the same period last year.