3M says macro backdrop ‘still relatively sluggish’

Speaking at Morgan Stanley’s Laguna Conference, executives from MMM stated, according to a transcript of the event: “So so not much has changed in the macro from where we were at the end of July when we gave our earnings release. It’s still relatively sluggish things moving laterally. Not getting materially better or worse really across across the franchise, across the company. IP is still running about about 2%. You know PMIs are contracting. We see in auto, I just referenced auto a little bit, you know, flat to up a little bit. It’s you know down in the back half of the year, was up a little bit in the front half of the year. Again you’re seeing more growth in China, less on the US and European OEMs. We think electronics is a part of our company. These are all macro numbers softening a little bit in the back half. We think the consumer is going to stay relatively sluggish through the back end of the year. That’s our expectation today.”