LABJ Forum: Light at the End of the Tunnel?

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LABJ Forum: Light at the End of the Tunnel?

The Federal Reserve last week inched toward an interest-rate hike, fueling speculation that the 12-month recession was finally drawing to a close. But while some are confident that an economic recovery is on the horizon, many believe that the downturn could last for months to come. So the Business Journal asks: Do you think the recession is over?

Elizabeth Goldman

Executive Vice President

PCS Property Management

Well, nobody knows for sure but I think from what we’ve seen it’s definitively moving in a more positive direction. We had a roller cost year (last year). We had strong years of apartment demand and then we had some pretty sizable move-outs due to anticipation of the writer’s strike and the actor’s strike. After Sept. 11 many things changed.

Charlie Woo

Chief Executive

Megatoys

I think we’re coming out of it. The economy always goes into cycles in terms of consumer spending and confidence, and we sure see consumer spending rising. I would have to say that in 2001 people were pretty pessimistic, and Sept. 11 made it much worse. But now people seem to be getting out of it. How strong or how long it will last we don’t know, but it’s clearly beginning to rebound.

Gavin Brodin

President

Cotton Box Inc.

It is if your prices are at the right prices, and your customer service is good. Our figures are going up. Things slowed down for six weeks after Sep. 11 but then went up. It’s been very good.

Dick Messer

Director

Petersen Automotive Museum

I think we are, if we were ever in a recession. We had Sept. 11, which threw everyone for a loop and put things on hold for a while. The way things are going psychologically people are starting to believe we’re going to have a good 2002 and 2003. Things are picking up substantially at the museum. I think people are feeling more like going out than they were six months ago, and that helps the economy.

Mike Lahav President

Ambassador Industries

No, not at all, because we don’t see it in our business. Business is still very slow. Business is just as slow as it was several months ago.

Ken Barnoski

President

Platinum Special Events & Catering Co.

No. I’ve seen that business from everyone in my industry has dropped. It fluctuates a little bit, but overall it has gone down and everyone I know is telling me the same thing. A lot of my clients have dropped their budgets and some of them have cut out catering. Two big clients have cut out catering completely. And I’m having to adjust what I send. I won’t send the same amount of food. People are willing to pay less.

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