3M is signaling that a steady recovery in the U.S. autos and housing markets is far from certain in 2010.
The company, considered a window into economic health because of the wide variety of products it makes, said Thursday “there is still no real sign of sustained demand” in domestic markets including automotive, housing and commercial construction. In contrast, “China and India are seeing rocket ship growth in those segments,” CEO George Buckley said in a conference call following release of 3M’s 2009 earnings.
Buckley thinks high unemployment will be the culprit in curtailing U.S. growth.
“While we might be through the worst, we were still sailing in very choppy economic waters,” he said. Economists have predicted growth in gross domestic product of just over 3 percent for this year.
Read More: – by Samantha Bomkamp, AP Business Writer, the Associated Press