One wouldn’t know it by looking at CAT stock, which has gone very much nowhere in the past 5 years thanks to just one thing – an exponential increase in the company’s share buybacks…
… but the company’s publicly disclosed monthly retail sales have just one message for anyone who follows them: forget recession, there is a global depression going on.
And it is not just in China as many would like to scapegoat: in June, in addition to a -19% drop in Asia Pacific (following a 30% Y/Y plunge a year ago, which in turn followed a 21% drop in 2013), US retail sales posted their first Y/Y decline since February, dropping by 5%.
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