NEW YORK (AP) -- Caterpillar Inc. said Friday its machine sales worldwide jumped 11 percent in May compared with a year ago as a rebound in North American and Asian business markets helped offset declines in European sales.

It was the first time since August 2006 the company has reported year-over-year growth in North America machine sales, said Jefferies & Co. analyst Stephen Volkmann.

"While this is in line with our view that the industrial economy is recovering, it is also somewhat stronger than even we had expected," he added.

Caterpillar is the world's largest maker of construction and mining equipment. Because its iconic yellow-and-black equipment is used in many different sectors all over the world, the company's sales are considered an indicator of global economic health.

In a filing with the Securities and Exchange Commission Thursday, the Peoria, Ill., company said May sales were up 15 percent in North America and surged 38 percent in the Asia Pacific region, but fell in Europe, Africa and the Middle East.