News Briefs - Sept. 16
The Latest Headlines:
- September Philadelphia Fed Index Declines
- CPI Rises 0.1% in August
- Jobless Claims Increase in Latest Week
- Survey: CFOs Less Optimistic About U.S. Economy
- CPI Rises 0.1% in August
September Philadelphia Fed Index Declines
The Federal Reserve Bank of Philadelphia said Thursday its manufacturing index fell to 13.4 in September from 28.5 in August.It was the first reading of less than 20 in a year. Numbers higher than zero still indicate expansion. Manufacturing is one of trucking's largest and most important customers.
The Fed's new orders index rose to 26.4 from 19.2, while he shipments index decreased to 22.4 from 32. The index of inventories rose to 3.7 from 1.7.
CPI Rises 0.1% in August
Consumer prices rose 0.1% in August, restrained by cheaper automobiles and apparel, the Labor Department reported Thursday.The increase in the consumer price index followed a 0.1% decline in July. The core rate, which excludes food and energy, rose 0.1% for a third straight month.
Analysts said index suggested the Federal Reserve could be deliberate in raising interest rates and that higher costs for crude oil and raw materials weren't being passed through to other goods, Bloomberg reported.
The consumer price index was up 2.7% from August of last year, Labor said. So far this year, consumer prices are rising at a 3.7% annual rate.
The report said prices for new automobiles fell 0.3%, clothing prices dropped 0.2% and energy prices declined 0.3%. Transport Topics
Jobless Claims Increase in Latest Week
The Labor Department said Thursday that initial jobless claims rose by 16,000 to 333,000 in the week ended Sept. 11.The increase partially reversed a sharp drop at the start of the month that had been pinned in part on Hurricane Charley, which struck Florida in mid-August, Reuters reproted.
The four-week moving average of initial claims, which smoothes short-term volatility, held steady at 338,000. Transport Topics
Survey: CFOs Less Optimistic About U.S. Economy
A quarterly survey by Duke University found that chief financial officers of U.S. companies were less optimistic about the economy than three months ago because of concerns about consumer spending, interest rates and terrorism, Bloomberg reported.The 201 CFOs surveyed during September said gross domestic product would expand 2.8% over the next 12 months, compared with a 3.1% average forecast in the last survey in June.
In addition, the survey found 24% of respondents said they were less optimistic about the economy, up from 11% in June. Transport Topics
