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Eyes On Economy Seeing Better Picture In 2004
By Jennifer Barthle
ATA Web Editor
Things are starting to pick up with the U.S. economy and several factors indicate this economic recovery is sustainable, panelists at the MC&E General Luncheon said Monday.
ATA Chief Economist and Vice President Bob Costello led the panel with Nariman Behravesh, chief economist for Global Insight, Inc. and Donald Broughton, senior transportation analyst for A.G. Edwards and Sons. The trio noted some positive trends in the economy and said 2004 should be a year of growth.
"We're looking at a couple of really good years going forward," Behravesh said. He views the current low interest rates, tax cuts and a weak dollar as putting the nation in a good position for economic growth.
Broughton agreed, saying 2004 should be "a record year" for growth. While the recent down period has been a "severe recession for trucking," he also believes the economy survived an unprecidented series of shocks such as Sept. 11 and the war on terror, yet is still hanging in. Broughton said he sees truck tonnage returning to a 6 percent trend line in 2004.
Other positive trends noted by Broughton were that fuel costs should be less of an issue as the industry has gotten better at recouping those costs, that insurance costs should not be as big a burden as companies are putting increased emphasis on safety - "a profitable trucking company is a safe trucking company" - and that communications and technology costs should continue to decrease.
And for those wondering when the Federal Reserve will bump interest rates back up, Behravesh said he doesn't expect that to happen until mid-2004: "The Fed is afraid of the fragility of this recovery," he said.
Published: Oct. 20, 2002
Eyes On Economy Seeing Better Picture In 2004
By Jennifer Barthle
ATA Web Editor
Things are starting to pick up with the U.S. economy and several factors indicate this economic recovery is sustainable, panelists at the MC&E General Luncheon said Monday.
ATA Chief Economist and Vice President Bob Costello led the panel with Nariman Behravesh, chief economist for Global Insight, Inc. and Donald Broughton, senior transportation analyst for A.G. Edwards and Sons. The trio noted some positive trends in the economy and said 2004 should be a year of growth.
"We're looking at a couple of really good years going forward," Behravesh said. He views the current low interest rates, tax cuts and a weak dollar as putting the nation in a good position for economic growth.
Broughton agreed, saying 2004 should be "a record year" for growth. While the recent down period has been a "severe recession for trucking," he also believes the economy survived an unprecidented series of shocks such as Sept. 11 and the war on terror, yet is still hanging in. Broughton said he sees truck tonnage returning to a 6 percent trend line in 2004.
Other positive trends noted by Broughton were that fuel costs should be less of an issue as the industry has gotten better at recouping those costs, that insurance costs should not be as big a burden as companies are putting increased emphasis on safety - "a profitable trucking company is a safe trucking company" - and that communications and technology costs should continue to decrease.
And for those wondering when the Federal Reserve will bump interest rates back up, Behravesh said he doesn't expect that to happen until mid-2004: "The Fed is afraid of the fragility of this recovery," he said.
Published: Oct. 20, 2002