3M's McNerney, Merrill Foresee Slow-Growth

Jan. 13, 2005
By John S. McClenahen Third-quarter U.S. economic growth was, at first estimate, a spectacular 7.2% annual rate. And last week's jobs reports -- unemployment claims down and jobs up -- have some people claiming that the final element in America's ...
ByJohn S. McClenahen Third-quarter U.S. economic growth was, at first estimate, a spectacular 7.2% annual rate. And last week's jobs reports -- unemployment claims down and jobs up -- have some people claiming that the final element in America's recovery from the 2001 recession is in place. "I, like everyone, am hopeful of a strong recovery," says W. James McNerney Jr., chairman and CEO of 3M Co., St. Paul, Minn. "But I must admit, I'm still assuming a pretty slow-growth world going forward." McNerney is not alone. "We think that the 'softer side' of the [U.S.] economy will become more apparent in the coming months," says Martin J. Mauro, a senior economist at Merrill Lynch & Co., New York. For example, "wage growth is still far short of what is needed to sustain the recent pace of consumer spending," he says. "We are expecting a solid, but not gangbusters, pace of growth through the end of 2004."

Popular Sponsored Recommendations

Beware Extreme Software

Sept. 24, 2023
As a manufacturer, you understand the importance of staying ahead of the curve and being proactive in your approach to technology. With the rapid pace of change in the industry...

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

Digitally Transforming Data and Processes With Product Lifecycle Management

Oct. 29, 2023
Manufacturers face increasing challenges in product development as they strive to consistently deliver improved results. Discover how industry leaders are improving time-to-market...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!