Economy brings optimistic forecasts

Nov 12, 2003 12:00 PM

The US economy has begun showing strong signs of improvement for the trucking industry, according to Tom Weisz, president of TMW Systems Inc. Weisz gave his upbeat assessment of the US economy during opening remarks November 10 at TMW’s 2003 User Group conference in Cleveland OH. He said that 2003 started with a mild upward trend in economic activity, and the past couple of months showed big increases. For many trucking companies, September and October were record or near-record months.

Tank truck carriers, in particular, have benefited from increased shipments of chemicals. Recent data from the Census Bureau shows that shipments of basic chemicals rose by 0.3 percent in September. At the same time, inventories decreased by 0.4 percent.

On a broader level, Treasurer Secretary John Snow said November 9 that he sees encouraging prospects for further economic growth in the fourth quarter as US businesses restock sharply depleted inventories ahead of the holidays. He added that leading corporate economists are forecasting growth rates of 4 percent for the fourth quarters and into 2004. The US economy grew at a 7.2-percent annual rate in the July-September period, the fastest pace in almost two decades.