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High Flyers

US airlines are providing important clues to the course of the economy. Fourth-quarter earnings reporting by the biggies, Delta and United, were positive. Better yet, United reported that large corporate flyers were up 11% in the first week of the year, usually a doldrum period. This is a particularly good indicator for the health of the economy because business travelers are on the road again, in force. If business is not cutting-back on travel, it is one of the strongest and most important signals that 2019 may be a repeat of last year with surprisingly strong growth. On the real estate front the indicators parallel the news in the sky. Recruiting activity continues to accelerate in the New Year. I am an optimist, so far.

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