UPS sees economic pickup by year end

UPS     RECESSION    

Global - Chairman and CEO of UPS Scott Davis believes the worst is behind us and expects the US economy to pick up by year end, but warns that rising mortgage rates and fuel prices could derail the recovery.

The health of the US economy has been closely linked to the global economy, with analysts believing that the worldwide recession will ease when US consumer spending starts to edge up.

"I think the biggest declines are behind us and we should see a return to growth by the end of 2009," Davis said on the sidelines of the National Summit in Detroit.

Davis however voiced concern over borrowing costs on US home owners and the country's economic recovery. "If mortgage rates climb too much it's going to hurt housing, which obviously has an ancillary impact on other industries," he said.

The company is also keep a close eye on rising fuel costs.

________________________________________________________

Managing people? For HR and leadership strategy, Human Resources has it covered.

Get your marketing department up to speed with Asia's most read marketing site
marketing-interactive.com