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    As economic indicator, 3M results send mixed signals

    By Dan Haugen | Published Thu, Jul 23 2009 9:07 am

    3M is often called a bellwether for the U.S. economy because of its diversity and broad geographic reach.

    The company's latest quarterly results, released this morning, contain a mixed bag of economic indicators. Sales were down 15 percent, compared with the same period last year, and profits fell by 17 percent. That was a better performance than analysts expected.

    The manufacturer saw double-digit declines in the unit that supplies parts to the automotive industry. Meanwhile, sales of consumer electronics were surprisingly strong, and swine flu fears continue to drive sales of 3M respirator masks.

    CEO George Buckley, however, said the biggest factor for the better-than-expected performance was "3M's sound operational strategy and early actions to address the recession" -- i.e., layoffs. The company axed about 1,000 jobs in the quarter.

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