“Green shoots” are nice but transaction counts for most travel management companies as of last week remained between 3 percent and 15 percent of last year’s levels. Emotionally, that is a million times better than cancellations outstripping bookings. TMCs are seeing gains every week. More than a dozen of their executives speaking with The Company Dime this month put on brave faces.

Those that are very small, closely held or family-owned may be nimble enough to scale down to a manageable level while demand is anemic. Owners are reinvesting. Some could even come . . .

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