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Economic Rebound May Be Delayed Until 2003, Overnite Chairman Says
ST. PETERSBURG BEACH, Fla. — Although some economists are predicting a strong rebound next year, due in part to increased defense spending and federal tax cuts, the chairman of Overnite Transportation Co., a billion-dollar less-than-truckload company, believes that is an overly optimistic forecast.“If we start a recovery by 2003 we should consider ourselves fortunate,” Leo H. Suggs said last week.Suggs said the health of the economy is the most serious issue facing trucking, as worried consumers cut spending and businesses of all kinds adjust to new realities since the terrorist attacks.For the full story, see the Oct. 8 print edition of Transport Topics. Subscribe today.