News Briefs - Nov. 12
The Latest Headlines:
- Preliminary Consumer Sentiment Index Rises in October
- Business Inventories Rise 0.1% in September
- Groups Condemn Proposal by Canadian Trucking Alliance
- Shortage of Drivers Leads to Delays in Montana
- Rail Intermodal Loadings Rise in Latest Week
- Oregon Funds Freight-Rail Improvements
- Business Inventories Rise 0.1% in September
Preliminary Consumer Sentiment Index Rises in October
The University of Michigan said Friday its preliminary consumer sentiment index for November rose to 95.5, the first increase since July, from a final reading of 91.7 in October.The current conditions index, which reflects Americans' perception of their financial situation and whether it's a good time to buy big-ticket items, rose to 106.2 from 104 in October.
The expectations index, based on optimism about the next one to five years, rose to 88.7 from 83.8 last month.
Business Inventories Rise 0.1% in September
The Commerce Department said Friday that U.S. business inventories rose 0.1% in September, the slowest rate of increase in more than a year. Analysts said this suggested companies were being cautious about adding to stockpiles, Bloomberg reported.The increase brought the value of all U.S. inventories to $1.26 trillion and followed a gain of 0.7% in August. Business sales rose 0.3% in September after rising 0.6% the month before, Commerce said.
When inventories and sales are growing, it usually means trucking is seeing additional demand to deliver goods and restock shelves.
The September increase in U.S. stockpiles was the smallest since they fell 0.5% in August 2003. The inventory-to-sales ratio, a measure of how long goods are unsold, held at 1.32 months. Transport Topics
Groups Condemn Proposal by Canadian Trucking Alliance
A Canadian proposal that allow long-haul truckers to log 18-hour days has been condemned by truckers, a Canadian trucking union and safety groups, the Windsor Star of Ontario reported.The proposal by the Canadian Trucking Alliance would see truckers work 18-hour shifts, split into 13 hours of driving, four hours of rest and one hour of non-driving labor. The proposal would lower the maximum daily driving time to 13 from the current 16 hours.
Transport Canada was considering changing the current regulations to account for delays at loading facilities and international border crossings, the Star reported.
The Canadian Teamsters, which represents about 70,000 truckers, was critical of the 18-hour proposal, the Star said. Instead, they favor a 14-hour shift, split into 13 hours of driving and one hour of rest, followed by at least eight hours of rest. Transport Topics
Shortage of Drivers Leads to Delays in Montana
Officials in Montana said there have been delays for hauling cattle and other goods because of a shortage of qualified truck drivers, the Associated Press reported.Jay Foley, president of Diversified Transfer & Storage in Billings, told AP his long-haul business, which distributes refrigerated and frozen foods, has turned down business because it can't keep up with the demand.
Barry Stang, executive vice president of the Montana Motor Carriers Association, said there have been some delays, but that companies were "running as much as they can," AP reported. Transport Topics
Rail Intermodal Loadings Rise in Latest Week
The Association of American Railroads said Thursday the number of intermodal loadings on U.S. railroads totaled 233,559 trailers or containers in the week ended Nov. 6, up 11.2% from the same week a year earlier.AAR said in a statement that was the second-highest total ever, trailing week ended Oct. 30.
Railroading, like commercial trucking, is considered an important economic indicator. Intermodal traffic, which tends to be merchandise rather than bulk commodities, is more directly competitive with trucking and more reflective of the state of the economy.
Through the first 44 weeks of the year, intermodal volume was 9.3 million trailers or containers, up 9.7% from a year earlier. Transport Topics
Oregon Funds Freight-Rail Improvements
A coalition of businesses that run and use Oregon’s railroads and the Port of Portland planned to lobby for state legislation to fund significant freight-rail improvements, the Associated Press reported.The privately owned railroads said they could not afford the billions of dollars in track improvements needed nationwide. Some states have elected to pick up part of the costs, the better to link ships, trains and trucks.
Supporters said the improvements would create jobs and allow Oregon to compete better against California and Washington for business moving freight to and from ports, AP said. Transport Topics
