Caterpillar CEO says no double-dip recession

Caterpillar CEO says no double-dip recession

August 19 (AP) — Global equipment sales increased 32 percent. And engine and turbine sales were up 5 percent overall. “There seems to be a doom and gloom out there in the punditry,”CEO Doug Oberhelman said. “We’re not seeing that.” Caterpillar said equipment sales in the Asia Pacific region surged 41 percent in July, and North American sales improved 38 percent over last year. The smallest increase came in Europe, Africa and the Middle East where sales still increased 19 percent. CFO Ed Rapp says 2010 has been a year of recovery since the economy bottomed out in August or September, with the developing world leading the way in growth. Rapp said that in past double-dip recessions, the first recession is usually a weak one and the central banks usually typically act prematurely to raise interest rates and scale back stimulus efforts. He said neither one of those applies to the current recession.

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