3M, which produces a variety of products across several markets and is generally seen as a solid indicator into great economic health, has doubts that the recovery will sustain itself in 2010.
In a conference call, 3M CEO George Buckley noted that in domestic markets including housing, construction and automotive "there is still no real sign of sustained demand."
Conversely, Buckley discussed the success China and India are experiencing in those markets as a key indicator that it is the US and not the global economy entirely that continues to be plagues by the recession.
Buckley pins high unemployment for the lagging recovery, a factor, which, according to reports released Thursday is not yet on its way to improvement. The news drove major indexes lower and influenced dire economist forecasts for the predicted growth in gross domestic product. Current calculations are little more than 3 percent for 2010.
Buckley’s wholly negative conclusions come as something of a surprise considering 3M's profit experienced a 74 percent rise in the final three months of last year.
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