The board chairman of General Motors, DuPont and United States Steel agreed yesterday that, while the current gasoline shortages and the lastest growth, the United States will not experience a recession as some economists predict.
"I don't see a recession. I see a slow growth, slower perhaps than we thought it would be originally, but continued growth in the economy," said GM board chairman Thomas Murphy.
"We've begun to see something of a slowdown," said DuPont chairman Irving Shapiro. "I think slowdown is the right word, not recession. Recession is simply an economists' scare word."
David Roderic said U.S. Steel Expects to ship more steel this year then last and, despite a slowdown toward the end of the year, "we certainly don't see anthing that we would become overly concerned about."
Roderic said that steel shipments will decline in the second half of 1979, but overall the industry's shipments should be up about 4 percent from last year. "I don't think you could really call that a tremendously bad result for the economy," he said.
The three business leaders were interviewed on "Issues and Answers" [ABC-WJLA]. They spoke before President Carter told reporters abroad Air Force One that the massive price rise by the Organization of Petroleum Exporting Countries makes "a recession much more likely than it was before."