News Briefs - Aug. 19
The Latest Headlines:
- Philly Fed Index Dips, but Stays Positive for 15th Month
- Navistar's Earnings Rise in Fiscal 3Q
- Jobless Claims Fall by 3,000 in Latest Week
- Penske to Acquire Auto Rental Corp.
- Navistar's Earnings Rise in Fiscal 3Q
Philly Fed Index Dips, but Stays Positive for 15th Month
The Federal Reserve Bank of Philadelphia said Thursday its general economic index for August fell to 28.5 from 36.1 the previous month.A number greater than zero signals a higher percentage of the manufacturers surveyed reported an improvement in business than deterioration. The index reached a 10-year high of 38.8 in January and has been in positive territory since June 2003.
The factory sector is one of trucking's largest and most important customers.
Navistar's Earnings Rise in Fiscal 3Q
Truck maker Navistar International Corp. said Thursday its net income for the fiscal third quarter ended July 31 was $56 million or 73 cents per share, compared with $18 million or 25 cents a year earlier.Consolidated sales and revenues totaled $2.4 billion, compared with $1.9 billion in the third quarter of 2003, Navistar said in a statement.
The company said retail deliveries of heavy trucks for the first nine months of the year were up 48% over a year earlier. Worldwide shipments of its International brand heavy-duty and medium-duty trucks and school buses during the third quarter totaled 28,100 units, up from 21,200 a year ago.
Chairman and President Daniel Ustian said that earnings for the fiscal year ending Oct. 31 would be at least $2.95 per share, compared with a net loss of 27 cents for fiscal 2003. Transport Topics
Jobless Claims Fall by 3,000 in Latest Week
The number of Americans filing first-time claims for unemployment insurance fell by 3,000 to 331,000 in the week ended Aug. 14, from a revised 334,000 the week before, the Labor Department reported Thursday.The current level was the lowest level since 309,000 the week ended July 3. The four-week moving average, a less volatile measure, fell 2,500 to 337,000.
Filings have ranged between 309,000 and 351,000 the past three months and averaged 344,606 this year, down from 402,000 for all of last year, Labor said.
The number of people continuing to collect state jobless benefits rose by 16,000 to 2.904 million in the week that ended Aug. 7. Figures on continuing claims and the insured unemployment rate are reported with a one-week lag to jobless claims. Transport Topics
Penske to Acquire Auto Rental Corp.
Penske Truck Leasing Co. said Aug. 12 it had entered into an agreement with Ford Motor Credit Co. to acquire the truck leasing, rental, maintenance and logistics operations of Auto Rental Corp., a Ford Credit subsidiary.The acquisition would add about 14,000 tractors, trucks and trailers to Penske’s fleet, the company said.
Auto Rental Corp., also known as AMI Leasing, serves more than 1,500 customers at 26 locations in the Northeast.
Penske and AMI said they expected to complete the transaction by the end of August. Transport Topics
