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American manufacturing stagnated in September as a stronger dollar and faltering overseas markets led to the slowest pace of orders since November 2012.

Consumers were more upbeat last week than at any time since mid-July as Americans held the most favorable views of the buying climate in three months.

Household spending climbed more than forecast in August and incomes also rose as the biggest part of the U.S. economy continued to power past a global slowdown.

Caterpillar Inc., the world’s biggest mining and construction machinery manufacturer, reduced its sales forecast and said it will cut as many as 10,000 jobs over four years in response to a slowdown in the mining and energy industries.

Add diesel to the commodities flooding global markets from China.

The momentum in orders for business equipment stalled in August after gains the prior two months as U.S. investment took a breather amid volatility in financial markets and concerns that global growth is slowing.

Volkswagen AG CEO Martin Winterkorn, who during nearly a decade at the helm catapulted VW to the top spot in global sales, stepped down after admitting the automaker cheated on U.S. emissions tests.

Govs. Chris Christie of New Jersey and Andrew Cuomo of New York want the federal government to pay half of a $20 billion commuter rail tunnel under the Hudson River.

New-home construction in the United States fell in August, indicating the real estate recovery will take time to evolve.

Manufacturing in the New York region contracted in September for a second straight month, reflecting declining orders and employment.