By Frank Holmes
“Resilience” was last week’s theme as better-than-expected market data came to light. Earnings season has begun, and so far reports have proven the doomsayers wrong. Even industries that have been hardest hit by the economic downturn, including air travel, are expressing optimism that we’re at the “end of the beginning” in terms of recovering from the worst health crisis in 100 years.
That was the opinion of United Airlines CEO Scott Kirby, who quoted Winston Churchill last week during the company’s third-quarter earnings call. Dino Michael, global head of Hilton Worldwide, is likewise optimistic, believing yearend to be the start of travel’s turnaround.
For their part, retail sales in the U.S. have shown great resilience, increasing for five months straight. In September, sales grew at a forecast-busting 1.9 percent over the previous month, the…