Yes, It's Uncertainty, But Not From the US ....

From the Washington Post:

And given the expectation that many European countries are in for long bouts of austerity, executives do not envision a rebound.

Last month, John Chambers, chief executive of networking
giant Cisco, said that not only was business in Europe getting worse, but customers around the world were also holding back on purchases while they wait to see what happens on the continent.

“I think people are in this uncertain environment and when they’re uncertain, unfortunately, you don’t spend,” he said. “Even the financial institutions outside of Europe are really focused on getting the profitability back in line. . . . So clearly, they’re keeping their powder dry.