In a recession, economic activity slows down – and so does the trucking industry.
For the first time in a long time, some financial publications are using that dreaded ‘R’ word – saying a recession could be around the corner.
Bloomberg reports that U.S. economic growth is expected to slow down to 1 percent in the fourth quarter of the year – compared with growth of nearly 5 percent in the third quarter.
The publication quotes a top New York banking official as saying “We’re very, very close to a recession.”
The Wall Street Journal notes that corporate profits are down and quotes a Merrill Lynch analyst as saying “the recession in reported earnings has already begun.”