The president and CEO of YRC Worldwide says an anticipated strengthening of the U.S. economy isn’t happening – and that the Federal Reserve needs to move quickly to cut interest rates to spur growth.

“Usually at this time of year we see business building toward a Christmas peak … and that is not materializing,” YRC’s Bill Zollars told The Associated Press.

Zollars added that he thinks the economy is a lot softer than most people are saying.

In July, YRC reported its second-quarter earnings fell 40 percent compared to a year earlier.