He argued that while health of the domestic economy continues to be the primary indicator of growth in American freight transportation, conditions in other countries, especially Mexico and Canada, playing an increasingly important role. As for the U.S. economy, Mr. Toja was very optimistic. He said the first quarter of 1997 would be the best since 1994 and that the rest of the year also should be strong. Some 2.6 million net new jobs were created in 1996. Employment is going so well that some firms are offering their employees incentives for bringing in new-hires.
Consumer confidence is firm.
According to Mr. Toja's analysis, consumer sentiment is reaching the high levels of 1981 and 1982. Prices remain modest because increases are hard to pass on. American consumers have become very good buyers, he said. Consumer debt reflects wealth. That means wealth.