Caterpillar dealer sales to the North American construction industry have fallen for 19 months, and the steeper November decline helped counterbalance gains in Asia for a drop in overall sales of 11%. The company's overall sales decline has slowed in recent months.

The latest snapshot of new Caterpillar equipment sales paints a bleak picture for future revenue projections, with the exception of machinery sales in Asia.

Overall retail machinery sales worldwide were down 12% in October and 17% in November, compared to the same months last year, according to a report Caterpillar filed with the Securities and Exchange Commission (percentages are based on unaudited reports voluntarily provided by Caterpillar's independent dealers). Energy and transportation sales were down 28% and 25%, respectively.

Caterpillar’s retail sales in Asia continued to rebound after posting gains in August, September, and October, rising 11% in November. Unfortunately, the gain was offset by continuing – and sharper – declines in North America, the Europe/Africa/Middle East and Latin America regions, which declined by 19%, 25%, and 32%, worse than the previous month’s declines.

The company reported $11 billion in sales and revenue in the fourth quarter of 2015, a decline of nearly 23% from $14.2 billion in the fourth quarter of 2014. Caterpillar claimed $47 billion in sales and revenue for all of 2015 and projects $39 billion for this year. Final figures for 2016 will be released with the fourth-quarter earnings report in January.

The most recent projections for sales and revenue in 2017 place the midpoint at $38 billion, and Caterpillar responded to the worsening outlook with a round of layoffs last week.

The company announced cuts of up to 10,000 positions and closure or consolidation of more than 20 facilities globally as part of a major restructuring in the fall of 2015. Additional rounds of layoffs in the summer and December of 2016 increased the total number of jobs eliminated, though the company has not released final figures.

Caterpillar stock gained 1.76% to close at $94.34 per share Tuesday. The company's stock has gained about 40% in value in 2016 and has been one of the best performers of the year in the Dow Jones Industrial Average.