News Briefs - Nov. 1
The Latest Headlines:
- Construction Spending Unchanged in September
- WSJ: FedEx Expected to Add Flights to Europe
- P.A.M.'s Net Income Rises
- Smithway Swings to Profit in 3Q
- Allied Holdings, DaimlerChrysler Extend Contract
- Teamsters Program Aimed at Cutting Smoking Among Truckers
- Personal Spending Rises 0.6% in September
- WSJ: FedEx Expected to Add Flights to Europe
Construction Spending Unchanged in September
Construction spending was unchanged in September after seven straight months of gains, the Commerce Department reported Monday.The total $1.014 trillion came after a revised 0.9% gain in August. Three hurricanes that struck the South last month may have reduced some activity, Bloomberg reported.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
ommerce said public spending on transportation projects rose 0.4% to $19.7 billion. Spending on roads and highways declined 1.5% to $63.9 billion. Transport Topics
WSJ: FedEx Expected to Add Flights to Europe
FedEx Corp. is expected to boost trans-Atlantic shipping capacity by 20% in March, the Wall Street Journal reported.The company could announce the expansion as early as Tuesday, the Journal reported. It will likely conist of five additional flights between Memphis, Tenn., and Germany.
FedEx is ranked No. 2 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
P.A.M.'s Net Income Rises
Truckload carriers P.A.M. Transportation Services Inc. said late Friday its net income for the third quarter was $3.1 million or 28 cents per share, compared with $3 million or 26 cents a year earlier.Operating revenues excluding fuel surcharges rose 1.4% to $75.2 million, the company said in a statement.
P.A.M. is ranked No. 65 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Smithway Swings to Profit in 3Q
Truckload carrier Smithway Motor Xpress Corp. said Friday its third-quarter net income was $854,000, or 17 cents per share, compared with a net loss of $305,000 or 6 cents a year earlier.The company said in a release that operating revenue increased 14.6% to $48.7 million.
"Higher truck production and freight rates have allowed us to absorb a two cent per mile driver pay increase and unusually high fuel prices," said President G. Larry Owens.
Smithway is ranked No. 94 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Allied Holdings, DaimlerChrysler Extend Contract
Allied Holdings Inc. said subsidiary Allied Systems Ltd. renewed its vehicle delivery agreement with DaimlerChrysler through Sept. 30.The renewal included an increase in the base rates paid by DaimlerChrysler for vehicle delivery services, Allied said in a statement.
Allied said it would continue to serve DaimlerChrysler at 24 locations in North America, but would stop performing some or all delivery services at six other locations.
Allied is ranked No. 22 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Teamsters Program Aimed at Cutting Smoking Among Truckers
The Teamsters Union said Friday it had teamed with the Dana-Farber Cancer Institute, an affiliate of the Harvard Medical School, to try to improve the health of truck drivers.The Teamsters said the Centers for Disease Control and Prevention awarded researchers at DFCI grants totaling $3 million to develop health promotion and prevention programs.
DFCI and the Teamsters will conduct a study to assess the effectiveness of a telephone delivery program on tobacco use and weight management for motor freight workers, the release said.
"Smoking has ingrained itself into the truck driving culture but there is no reason why this can't be reversed," said Tyson Johnson, Teamsters freight division director. "This program fits into the daily lives of truck drivers so it will be much easier for them to stay involved in the program." Transport Topics
Personal Spending Rises 0.6% in September
Personal spending rose 0.6% in September, the Commerce Department said Monday, while incomes rose 0.2%.Spending had increased 0.1% in August. Consumer spending, which accounts for more than two-thirds of the economy, grew at a 4.6% annual pace in the third quarter, Commerce said last week.
Commerce also said the personal savings rate was 0.2% last month, down from 0.7%. The indicator, which weighs current income from wages, salaries, businesses and government payments against spending, was the lowest since October 2001 when it was negative 0.2%. Transport Topics
