Federal Reserve Chairman Ben Bernanke said today at a hearing in Congress (from today’s Chicago Tribune):
Bernanke cited the problems in Europe as a drag on business investment, noting that “forward-looking indicators of investment demand–such as surveys of business conditions and capital spending plans–suggest further weakness ahead.”
This Thursday, I will be attending the Boone County breakfast meeting where William Strauss from the Chicago Federal Reserve and a frequent speaker in the Rock River Valley, will be giving an economic update. I’ll let you know what he is seeing.
I can tell you that I am seeing a slowing of new capital projects where we sell. Some big machinery makers are having projects pushed back, so my advice is: batten down the hatches!