NEW YORK, Dec. 4 (UPI) -- A limited, but exultant handful of business executives have declared their companies resistant to the U.S. recession that has many firms reeling.
Jim Skinner, chief executive officer of McDonalds Corp., said his fast-food chain is "recession-resistant," USA Today reported Thursday.
Hermann Waldemer, chief financial officer at Philip Morris International,and Toy Industry Association President Carter Keithley have used similar phrases to describe their industries, tobacco and toys.
"Even though we're hurting for money, we want to make our lives a little better with indulgences," said Marcia Mogelonsky, senior analyst at Mintel International, which forecasts 28 percent growth for the tobacco industry through 2011.
Google is doing well as more and more consumers scan the Internet to search for bargains online and healthcare firms Johnson & Johnson and Novartis have notched strong quarters recently.
But Martin Regalia, chief economist at the U.S. Chamber of Commerce, warns that the longer the recession lasts, the more the luster will fade.
"I don't think a whole lot of industries thought they were recession-proof during the Great Depression," Regalia said.
|Additional Business News Stories|
BOURGET, France, June 17 (UPI) --The first of four French E-3F Airborne Warning and Control aircraft is being upgraded by Air France Industries, a sub-contractor to Boeing of the United States.
DUBAI, United Arab Emirates, June 17 (UPI) --Despite massive spending on Western weapons, the Arab monarchies of the Persian Gulf are "unable to secure themselves from any external threat" -- meaning Iran – and are running up huge public and foreign debt, a gulf think tank says.