Southwest CEO Says US Airline Industry Is Already in a Recession

Southwest Airlines Co.’s chief executive officer isn’t waiting for economists to declare a technical downturn in the US economy: As far as he’s concerned, a recession already has started.

Noting demand for domestic leisure travel has dropped more than he’s ever seen outside of the pandemic, Bob Jordan said Thursday that an economic contraction is in full swing, at least in the US airline industry. The CEO said his company expects second-quarter revenue to fall by six percentage points, following a three-point decline in the first three months.

“I don’t care if you call it a recession or not, ...