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McDonald's, others recession-resistant?

Dec. 4, 2008 at 2:58 PM   |   Comments

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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.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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