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MARKET PROGNOSIS * USA - Freight outlook darkens
New York,NY,USA -Fleet Owner, by Sean Kilcarr -Nov 12, 2008: -- A variety of reports indicate freight recovery may be farther off than anticipated, with severe third quarter losses by General Motors and Ford Motor Co. adding to the gloom... According to a new survey of Russell 2000 index companies by Ernst & Young LLP, some 52% of polled CEOs expect no real economic upswing until 2010. Through September and mid-October, respondents cited the credit crunch (61%) and market volatility (54%) as having the largest effect on corporate growth, noted Maria Pinelli, Americas director-strategic growth markets for Ernst & Young... “For the fourth quarter, we expect freight demand to continue to decline,” said Randolph Marten, chairman & CEO of refrigerated carrier Marten Transport. “Due to economic conditions, we do not expect our customers in the consumer retail business to build or refresh their inventories. With those expectations in mind, our strategy is to continue to protect our truckload rate structure … to appropriately size our fleet to existing demand, to expand our logistics, intermodal, and regional operations and to aggressively control our costs and explore new business opportunities”...
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