Tue Oct 29, 2019, 10:38 AM

XPO CEO Sees Consumer Strength Amid Industrial 'Recession'

October 29, 2019
By Lisa Baertlein

LOS ANGELES, Oct 29 (Reuters) - XPO Logistics Inc Chief Executive Bradley Jacobs on Tuesday said U.S. consumer spending was still strong and continued to offset an industrial sector transportation "recession" spawned by President Donald Trump's trade war with China.

U.S. manufacturing activity tumbled to a more than 10-year low in September, hurt by the Washington-Beijing tariff battle that Trump started early last year.

"We have been in an industrial recession for the last year," Jacobs said on a conference call with analysts. "Consumer is still strong, but the rest of the economy has not been so hot for quite a while."

It took two or three quarters for the new U.S. tariff policies to ripple through the economy, Jacob said.

"Then ... people started seeing the effects. So that's been building up. And now you see in the business," he said.

The comments from the transportation and warehousing CEO echo those from truck and railroad executives, who are reporting shipping volume declines from big manufacturers and other industrial companies.


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Reply XPO CEO Sees Consumer Strength Amid Industrial 'Recession' (Original post)
RCW2014 Oct 2019 OP
quad489 Oct 2019 #1

Response to RCW2014 (Original post)

Tue Oct 29, 2019, 12:07 PM

1. '"recession" spawned by President Donald Trump's trade war with China''...such dumbfuckery...LOL!!!!

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