Survey: US companies less optimistic about future sales; more plan to cut spending

U.S. businesses' outlook on sales in the coming months has darkened after sales growth slowed in the second quarter.

A survey released Monday found that more companies also expect to cut back on their investment in equipment and buildings in the July-September quarter.

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However, hiring and wage and salary increases are likely to continue at about the same pace in the third quarter as they did in the previous three months.

The survey was compiled by the National Association for Business Economics.

The overall results portray an economy muddling along at a steady, if tepid, pace.