WSJ FRONT PAGE TODAY: Recession? Not So Fast, Say Some. It seems as if the dire warnings about recession resemble those about global warming: Both have hit a cooling trend, somehow. In fact, some economists heralding a recession are ending up with a little egg on the face, which is a shame given the high price of eggs.
At LCT Magazine, we of course remain cautiously concerned about how a recession would affect the limousine and chauffeured transportation industry. While we've heard reports of operators taking revenue hits of 10-30 percent, we've also talked to operators in Chicago, Charlotte, N.C., North Hollywood, Ca., and Richmond, Va., about how hard they're working just to handle increased business. And our own Jim Luff has experienced the same in Bakersfield, Ca. Our upcoming LCT Fact Book, which is about to go to press, reflects input from operators nationwide who say that their overall business was up through the end of 2007.
Bottom line? Some are hurting, some are gaining, and most will likely remain flat. That's not good news, but it's certainly not an economic crisis. Recessions are never as bad as predicted, and once over, quickly forgotten. No hysteria needed. -- M.R.
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