U.S. executives, coping with the worst three years of growth since the early 1990s, say an
end to war in Iraq won’t mean a quick rebound in the economy.
As Iraqis welcomed U.S. troops into central Baghdad,
executives at companies from Lehman Brothers Holdings Inc. to
Hooker Furniture Corp. warned that inventories are too high,
capacity too great and orders too slow for them to be optimistic.
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“Nobody is basing any of their investment plans on growth at
this point,” said Curtis Wozniak, chief executive of Electroglas
Inc., a San Jose, Calif., maker of semiconductor-testing
equipment. “The CEOs I talk to are saying these kinds of business
conditions are going to continue on, war or no war.”
Corporate leaders are more pessimistic than economists about
the outlook for the world’s largest economy. The Business
Roundtable, a group of chief executive officers from 150 of the
largest U.S. companies, including International Paper Co., Boeing
Co., and Allstate Corp., projects that the economy will grow 2.2 percent this year.
Bloomberg News
