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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who started this subject	9/25/2002 12:42:34 PM
From: Dr. Jeff	Read Replies (5) of 436258

US 'poised for recovery' Gee, who could dispute this "guru" with her wonderful record. It almost reads like a stand up comedy routine. -g- US 'poised for recovery' By Alan Wood 24sep02 UNITED States corporate activity has picked up significantly since it bottomed in the fourth quarter of 2001, with chief executives now poised for the post recession recovery phase, Goldman Sachs strategist Abby Cohen said today. "Our conclusion is the worst is over; that we are in recovery from recession, that are now waiting for the next phase," Ms Cohen said in an address to the Australian Investment Management Conference. The economic recovery had been slowed by a variety of factors including low investor confidence, and uncertainty surrounding the US-Iraq standoff as well as accounting issues, she said. But it was Goldman Sachs' view corporate profits had been growing since the fourth quarter of 2001 - in the order of 8.0 per cent at an annualised rate. "The corporate balance sheet in the US is in good condition, not bad condition - many people who take a bearish view of the US economy believe our corporations are in dire straits - this simply is not the case." Ms Cohen added corporate balance sheets today were a lot stronger than at the end of the previous two US recessions. She said the starting point for that recovery was a favourable one, the US equity market was undervalued and corporations with strong balance sheets would ultimately grow their businesses. "The impact that has on an economy that should have a trend growth rate of 2.5 per cent or better on gross domestic product cannot be underestimated," she said. Ms Cohen said the biggest concern was the US was seeing very little help from its significant trade partners, notably those in Europe. From now the greatest pointer to an economic recovery would be a revival in confidence, among investors and the chief executives of major US corporations. Ms Cohen said the impact on investor confidence had been driven by revelations of accounting fraud and other corporate misbehaviour. However, accounting issues had been overstated by some analysts. Ms Cohen said consumer confidence had held up extraordinarily well, given the average US personal income had continued to grow despite the recent recession and the after effects of September 11. heraldsun.news.com.au

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