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CBO Trims GDP Forecast for 2020, Lifts 2021 Projection
The U.S. economy will see a slightly deeper contraction this year but a bigger rebound in 2021 than previously forecast, according to updated estimates from the Congressional Budget Office.
July 2, 2020YRC Worldwide Receives $700 Million Federal Loan Package
Less-than-truckload carrier YRC Worldwide Inc. received a $700 million federal loan in exchange for a nearly 30% share of the company.
July 2, 2020House Clears Extension of Small Business Loan Program to August
The House gave final last-minute congressional approval July 1 to extending the popular Paycheck Protection Program for small businesses until Aug. 8, hours after the deadline for applications lapsed with more than $130 billion still available.
July 2, 2020Louisiana Passes Legislation Aimed at Significant Tort Reform
Louisiana lawmakers have passed legislation aimed at helping the state’s truckers fight off excessive jury verdicts in court.
July 2, 2020House Infrastructure Bill Will Never Become Law, Rep. Sam Graves Says
A $1.5 trillion infrastructure package advanced by the U.S. House of Representatives on July 1 will never be enacted into law, said the top Republican on the chamber’s transportation panel.
July 2, 2020Tesla Beats Delivery Expectations, Sending Shares Surging
Tesla Inc. reported a sequential gain in quarterly deliveries that seemed improbable weeks ago, sending its stock surging toward Wall Street’s most bullish price target.
July 2, 2020FAA Concludes Three Days of Test Flights of Boeing’s 737 Max
Testing of the 737 Max jetliner’s revised flight-control systems by U.S. regulators and Boeing Co. wrapped up July 1, laying the foundation for the plane’s possible return to service later this year.
July 2, 2020US Unemployment Falls to 11.1%; Trucking Adds 8,000 Jobs
The U.S. unemployment rate fell to 11.1% in June according to the Labor Department as the economy added 4.8 million jobs and the easing of coronavirus-related restrictions allowed more businesses to reopen while bringing back some of their employees.
July 2, 2020House OKs $1.5 Trillion Infrastructure Plan That Impacts HOS, Insurance
WASHINGTON — The Democratic-controlled House approved a $1.5 trillion plan July 1 to rebuild the nation’s crumbling infrastructure, pouring hundreds of billions of dollars into projects to fix roads and bridges, while also delaying implementation of hours-of-service revisions and increasing...
July 1, 2020Is Density Related to COVID-19 Infection Rates? These Experts Say No
Density is not related to confirmed COVID-19 infection rates, according to a study from a team of public health and planning experts.
July 1, 2020Cargo Theft Likely to Increase Over July Fourth Holiday, Report Says
Though cargo theft is a year-round problem for trucking, it is more of a concern around the July Fourth holiday, according to a report by CargoNet.
July 1, 2020Daimler CEO Warns of ‘Drastic’ Pay Cuts, Deeper Restructuring
Daimler AG CEO Ola Kallenius said the maker of Mercedes-Benz cars and the industry as a whole face painful cutbacks to overcome the economic fallout of the COVID-19 pandemic.
July 1, 2020Manufacturing Bounces Back in June on Reopenings
U.S. manufacturing rebounded in June as major parts of the country opened back up, ending three months of contraction in the sector caused by the coronavirus pandemic.
July 1, 2020CARB Releases Proposal to Cut Future NOx, Particulate Matter Emissions
California environmental regulators have released a slate of proposed emission-reduction amendments designed to keep the state’s air clean while it transitions to an all-electric truck future by 2045.
July 1, 2020House Climate Change Plan Tackles Heavy-Duty Equipment at Ports
House Democrats say Congress should increase funding for programs at EPA and the Department of Energy to reduce emissions from equipment at ports.
July 1, 2020Commodity Freighters Are Shrugging Off COVID-19 — For Now
The cost of moving commodities like coal and iron ore across the world’s oceans is surging as China lifts cargo purchases. Whether the rally will withstand the economic aftershocks of the coronavirus is a thornier question.
July 1, 2020OPEC Cuts Output to Lowest Since 1991 as Virus Slams Oil Demand
OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again.
July 1, 2020Safety Groups, Teamsters Petition FMCSA to Reconsider HOS Final Rule
A group of safety organizations and the International Brotherhood of Teamsters have filed a petition for the Federal Motor Carrier Safety Administration to reconsider the final rule on changes to hours-of-service regulations soon to take effect.
July 1, 2020FedEx Posts Loss in Q4, Shows Improvement From Year Ago
FedEx said its fourth-quarter net income was a loss of $334 million, or negative $1.28 a share, compared with a loss of $1.97 billion, or negative $7.56 a share, in the 2019 period.
July 1, 2020ASCE Report: COVID-19 Compounds Infrastructure Woes
The COVID-19 pandemic is negatively impacting the nation’s already blighted infrastructure sectors, according to a recent status report from the American Society of Civil Engineers.
July 1, 2020