Numbers Don't Lie: NO Recession

Posted on April 30, 2008 by LCT Magazine

DUMPSTER DIVING: The economic scare-talk has reached a fever-pitch the last few months, with many industries, including chauffeured transportation, bracing for a recession. Pols and pundits have us all heading into a blighted dumpster. Well the numbers are in. The verdict: technically, not a recession. Growth may be scant, but a recession happens when you have TWO QUARTERS of negative growth -- not one quarter, two months or five months -- but six full months. So the earliest we'll know for sure is when numbers are crunched by early October. That's a lot of time for things to change for the better.

In speaking with operators around the country this week and last, we at LCT have found several who are hurting, with revenues down 10-15 percent. But just as many are seeing increased demand and growth, showing that even economic slowdowns vary widely among all the 50 states. In fact, our own Jim Luff, an operator in Bakersfield, Ca., reports his company has been inundated these last few weeks with a demand exceeding 30 percent over last year.

Once the Fed starts raising rates again, food and gas prices will likely decline. So limousine operators may want to encourage current and potential clients to spend their stimulus checks on . . . what else?

-- posted by Martin Romjue 

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