US Firms Warn of Slowing Economy
Is industry in recession? Big American companies warn they’re making cutbacks to adjust for sluggish profits and revenue for the first time since the economic crisis. Low energy prices are hurting the oil drilling and supply trade, China’s economy seems to be suffering and a strong U.S. dollar is impacting exports. While there are still glimmers of hope — aerospace and technology — major manufacturers warn that production and sales are grinding down, leading to potential lay-offs and increasing pressure on the Federal Reserve to hold interest rates steady.