Young Hasn?t Seen Freight Demand Uptick
by March 17, 2003 12:00 am 59 views
Robert Young III, president and CEO of Arkansas Best Corp., recently told a group of University of Arkansas students that no sign of a potential uptick in the economy has materialized yet in the trucking industry. He did see a signal, however, in July of 2000 when a 1 percent dip in the less-than-truckload carrier’s tonnage signaled a coming economic downturn.
By December 2000, Young said, the Fort Smith company’s tonnage was down 6 percent.
“We saw it coming long before most people knew,” Young said. “We’re not really seeing any indications that it’s headed up or down now. But uncertainty is always bad for the economy, and as soon as the war with Iraq is put to bed I think we could see an uptick.”
Young was participating in the UA’s fifth-annual Business Giants Forum in Fayetteville. The event, put on by the Walton College of Business, is designed to give college students a chance to visit with business leaders.
Scott Ford, president and CEO of Alltel Corp., and Robert Shoptaw, CEO of Arkansas Blue Cross and Blue Shield, both of Little Rock, rounded out the panel.
Ford said a real economic rebound would hinge on a swift and decisive solution in Iraq.
“This is above my pay grade,” Ford said. “But if things go as well as the best case scenario that’s been laid out, then the fundamentals in the economy are reasonably well-positioned to give us a decent lift afterwards.
“If we get the worst case scenario though, I doubt that’s priced in.”