Fear of the impending fiscal cliff has caused many manufacturers to cancel new investments and stall hiring, according to the New York Times. The political standoff over what to do about the U.S. budget deficit, combined with the European debt crisis, will lead to a .5% decrease in growth in the second half of the year, and executives are taking note.
For example, Hubbell, which makes electrical products, has put off hiring workers in 100 positions, canceled equipment orders and put off factory upgrades due to economic uncertainty. Many other companies, including Eaton and Siemens, are putting off spending and decisions until after the elections and once the threat of government shutdown is resolved.
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