McDonald's, others recession-resistant?

Published: Dec. 4, 2008 at 2:58 PM
Order reprints
McDonald's Chief Executive Officer Jim Skinner      (UPI Photo/Terry Schmitt)
McDonald's Chief Executive Officer Jim Skinner (UPI Photo/Terry Schmitt) | Enlarge Enlarge
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 (NYSE:JNJ) 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.



Group official targeted over gay marriage (8 min)
UPI NewsTrack Business (9 min)
Crude oil prices drop Friday (11 min)
Researchers to simulate massive quake (12 min)
Angels shut down Guerrero, Hunter (14 min)
Calif. lawmakers eye cost of illegals (14 min)
People who work sick hinder business (17 min)
fark
"She's an opportunistic gold-digging attention whore," says opportunistic gold-digging attention...
Llost llamas llocated in Llouisville
2001: Teacher fired for sleeping with student. 2003: Hired again by same school. 2006: Fired again...
Drunk man on tractor leads police on wild, 40-minute chase at speeds up to 12 MPH
Once suspected of causing leprosy and shunned because it's never mentioned in the Bible, the humble...
Robert Plant honored with Commander of the British Empire and promises not to boss around Jimmy...