Harley slows on recession fears

Harley-Davidson Inc. said riders concerned about the economy were throttling big purchases, including the Milwaukee-based company’s classic motorcycles, sending its profit down 26.3% in the fourth quarter.

Sales in the U.S. were down 14.2% in the quarter. That outpaced the domestic heavyweight motorcycle market’s fall of 9%.

Chief Executive Jim Ziemer called the retail environment challenging for this year and said dealers reported consumers were worried about the direction of the economy. They’re holding off on larger purchases such as Harley-Davidson motorcycles, which start at $6,695 but can often cost more than $20,000 fully loaded.