High degree of uncertainty in the global economy

So sayeth Caterpillar (1Q09 Cat Inc. Results) as they lower guidance for the rest of the year.

Reuters has a nice summary: CAT reports first loss since '92, slashes forecast

Caterpillar matters because there are few companies with a better on-the-ground sense of the real economy all over the globe. Here's one telling bit from the Reuters assessment:

Sales of the company's distinctive yellow construction and mining machinery tumbled 29 percent overall, led by a 46 percent decline in sales in Europe, Africa and the Middle East....