News Briefs - Dec. 23
The Latest Headlines:
- Snow Storm Strikes Large Portion of Midwest
- Allied Holdings Says AMEX Accepts Plan for Continued Listing
- New Home Sales Decline 12% in November
- December Consumer Sentiment Index Rises to 97.1
- Jobless Claims Rise by 17,000
- Personal Spending, Incomes Rise in November
- Allied Holdings Says AMEX Accepts Plan for Continued Listing
Snow Storm Strikes Large Portion of Midwest
A large storm hit much of the Midwest on Wednesday, closing roads and making holiday travel extremely difficult.Snow and ice forced the closure of the eastbound lanes of Interstate 64 in southern Indiana from Evansville to the Illinois state line. It also closed a stretch of the same highway in Kentucky, the Associated Press reported.
The storm dumped snow from western Pennsylvania to Wyoming, the Texas Panhandle to the Great Lakes. Cincinnati was looking at about 20 inches before the system moved on Thursday night, AP said.
The storm was also forced the cancellation and delay of hundreds of flights throughout the Midwest. Transport Topics
Allied Holdings Says AMEX Accepts Plan for Continued Listing
Auto hauler Allied Holdings Inc. said late Wednesday the American Stock Exchange had accepted its plan for continued listing.The company said in a statement it intends to file its third-quarter Form 10-Q by Jan. 6. Allied said it believed its stock would be allowed to trade again after the filing. It previously announced the Amex suspended treading of its common shares on Nov. 29.
Allied said it also submitted a plan to get its shareholders' equity over $4 million within the next 18 months, but it had not yet been accepted by Amex.
Allied Holdings is ranked No. 22 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
New Home Sales Decline 12% in November
The Commerce Department said Thursday that new home sales fell 12% in November, the biggest drop since January 1994.The decline to a 1.125 million annual rate from a record 1.278 million in October. Falling home sales likely means less business for flatbed trucking companies that haul building materials and dry van freight that haul household appliances and furniture.
The November pace was also the slowest since July, when sales reached 1.095 million, Commerce said. Still, sales were likely to reach a record 1.199 million this year. Transport Topics
December Consumer Sentiment Index Rises to 97.1
The University of Michigan said Thursday its final consumer sentiment index for December rose to 97.1, the highest since January, from 92.8 in November.Consumer sentiment is commonly thought to drive spending, which often pushes demand for trucking services.
The preliminary reading, released Dec. 10, was 95.7. The final reading is based on phone interviews with about 500 households. The preliminary reading was based on about half that many interviews.
The current conditions index, which reflects Americans' perception of their financial situation, rose to 106.7 from 104.7. The expectations index of optimism about the next one to five years rose to 90.9 from 85.2 last month. Transport Topics
Jobless Claims Rise by 17,000
The number of Americans filing initial claims for unemployment benefits rose by 17,000 to 333,000 in the week ended Dec. 18, the Labor Department reported Thursday.The previous week's figure of 316,000 was the lowest since July and was attributed partly to seasonal factors, Bloomberg reported. Claims this year have averaged 343,431 a week, down from 402,115 in 2003.
Claims around the Thanksgiving and Christmas holidays can be hard to interpret because of volatility related to when the holidays fall and when government offices are closed, Labor said.
The four-week moving average of claims, a less volatile measure, rose to 340,000 from 337,750. Transport Topics
Personal Spending, Incomes Rise in November
The Commerce Department said Thursday that personal spending by consumers rose 0.2% in November, while incomes rose 0.3%.The gain in spending followed a revised 0.8% increase the month before. The increase suggested income growth has been enough to fuel demand, Bloomberg reported.
Disposable income, or the money left over after taxes, rose 0.3% in November, Commerce said. Transport Topics
