The Hotel Times - June 2008 - (Page 12) COVER STORY: DOWN BUT NOT OUT Down out but not U.S. economy status becomes less important in the bigger global picture BY C H U C K G R E E N, C O N T R I B U T I N G E D I TO R s the U.S. economy in a recession or isn' t it? The international lodging and hotel industry could have plenty riding on the answer. But it' s a rather elusive one, according to some experts, who explained the exact meaning of a recession can be difficult to pinpoint. For instance, Bjorn Hanson, global hospitality industry managing partner at PricewaterhouseCoopers, a professional services firm in New York, said that while ª many recession-like conditionsº exist in the U.S., a recession becomes official only by declaration of the National Bureau of Economic Research, based on a combination of objective and subjective criteria. What is known, added Hanson, is that the U.S. lodging industry has anticipat- I 12 The Hotel Times June 2008 www.TheHotelTimes.com http://www.TheHotelTimes.com
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