Professional Report Excerpt
On Cusp of Worst Global Recession in 30 Years
(Full report received by Pro clients on 26-Aug-08)
It is widely believed that the U.S. economy, which entered recession before Europe did, will also pull out of recession first. Unfortunately, there is no sign that this hoped-for upturn is anywhere in sight. This is understandable, given that recessionary job losses persist and the U.S. Leading Home Price Index is still in a decisive downturn, suggesting that the financial markets have little hope of stabilization in the prices of homes that lie at the core of their current credit problems. With the credit crisis dragging on, the Fed’s rate cuts are unable to reach consumers and businesses, and are therefore not stimulating the economy. Under the circumstances, it is no surprise that by mid-August, growth in the Weekly Leading Index had plunged to a 8-year low.
In sum, we are on the cusp of the worst global recession in nearly three decades, with no end in sight.
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Top 10 for financial soundness
Exxon Mobil and Intel are among the most respected for financial strength this year. Which other admired companies get top marks from their peers?
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1. Exxon Mobil
Exxon Mobil
2008 was a rough year for corporate earnings--unless you're Fortune 500 giant Exxon Mobil. The oil and gas producer extracted $45 billion in profits last year, more than any U.S. company has ever earned in a single year.
Unsurprisingly, profits tumbled last quarter when gas prices finally came down. But Exxon hedged its losses with sales of refined profits like gasoline, where profits fell less. --M.K.
By Mina Kimes, Alyssa Abkowitz and Lawrence Delevingne
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