The Falling Dollar. The NY Times notes that the falling value of the dollar is responsible for a significant portion of some companies' increased revenue numbers.

The Ingersoll-Rand Company, the equipment maker, had an 11 percent increase in revenue in 2003; over one-third of that gain resulted from currency translation. And at Caterpillar Inc., half of the 8 percent growth in machinery sales volume and more than half the increase in engines sales volume were currency-related.

The author suggests this may explain why U.S. companies aren't expanding their workforces as much as would be expected to support such increases in sales.