Caterpillar CEO: U.S. economy in recession

03/26/2008 | Reuters

Though the current economic climate has been good for Caterpillar Inc., the company's CEO, Jim Owens, said Wednesday he believes the U.S. is in a recession and needs economic stimulus to help reverse the real estate crisis. "The U.S. economy is probably in recession now but will likely have real growth this year of around 0.5%, so very very slow growth and probably a couple of quarters of negative growth," Owens told reporters at a Tokyo news conference.

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