News Briefs - Sept. 30
The Latest Headlines:
- Michigan Bill Would Allow 65-Foot Trucks
- Chicago Manufacturing Index Increases in September
- Hurricanes Blamed for Rise in Initial Jobless Claims
- IMF: World Growth Strongest in Three Decades
- New Intermodal Center Planned in North Dakota
- Oshkosh Receives $31 Million Contract From U.S. Army
- Chicago Manufacturing Index Increases in September
Michigan Bill Would Allow 65-Foot Trucks
A bill approved Wednesday night by the Michigan House would allow trucks 65-feet long on state roads, 6 feet longer than the current limit of 59 feet, the Associated Press reported.However, many trucks in the state are already exempt from the 59-foot limit, including car haulers and logging, lumber and agriculture vehicles, AP said.
The Federal Highway Administration could decide that the change does not comply with federal law, and levy a fine of $100 million, according to an analysis by the state's House Republican Policy Office.
Chicago Manufacturing Index Increases in September
The National Association of Purchasing Management-Chicago said Thursday its manufacturing index rose to 61.3 in September from 57.3 in August.The manufacturing sector is one of trucking's largest and most important customers. Readings have been higher than 50, indicating expansion, for 17 straight months.
In other economic news released Thursday, personal spending was unchanged in August, after a 1.1% increase in July, the Commerce Department reported. Commerce also said personal incomes rose 0.4%. Transport Topics
Hurricanes Blamed for Rise in Initial Jobless Claims
The number of Americans filing initial claims for unemployment benefits rose by 18,000 last week to 369,000, the highest since February, the Labor Department reported Thursday.A Labor Department official told Bloomberg the recent hurricanes were the main cause of the jump in claims.
Hurricanes Charley, Frances and Ivan swept across southern states over the past six weeks, and Hurricane Jeanne came onshore on Sept. 25, and could cause claims to rise in the weeks ahead, Bloomberg reported.
The four-week moving average, a less volatile measure, rose to 343,500 from 341,250.
The number of people continuing to collect state jobless benefits fell to 2.873 million in the week that ended Sept. 18 from 2.876 million the week before. Transport Topics
IMF: World Growth Strongest in Three Decades
The International Monetary Fund’s latest World Economic Outlook said the global economy this year should post its best growth in three decades despite high oil prices and slower than predicted economic activity in the United States.IMF’s report, released Wednesday, predicted the world economy would grow by 5% this year, and the U.S. economy would grow by 4.3%, compared with an earlier estimate of 4.6%.
The report said uncertainty regarding oil could mean the global economy would grow 4.3% in 2005 and the U.S economy would grow by 3.5%.
Raghuram Rajan, IMF research director, said he did not expect high oil prices to have a large effect on the economy because big, developed countries were better able to deal with price fluctuations than in the past, the Associated Press reported.
The forecast assumed oil would average $37.25 a barrel in 2005. Transport Topics
New Intermodal Center Planned in North Dakota
A $7 million shipping center planned near the airport in Bismarck, N.D., will help companies transport goods to coastal ports and overseas, and may expand the regional economy, the Associated Press reported.The project, called the Northern Plains Commerce Center, will be designed for intermodal shipping, in which goods are packed in large containers that can be carried by truck, cargo plane or railroad car.
Currently, the closest shipping centers for Bismarck are in Billings, Mont.; Dilworth, Minn.; Winnipeg and Manitoba, AP reported.
Planners hope the Bismarck center will be running by fall next year. Transport Topics
Oshkosh Receives $31 Million Contract From U.S. Army
Specialty truck manufacturer Oshkosh Truck Corp. said Thursday it received a four-year contract valued at $31 million to rebuild Oshkosh defense trucks and trailers that were deployed during Operation Iraqi Freedom.Oshkosh said the initial delivery order under its contract with the U.S. Army Tank-Automotive and Armaments Command covered 211 trucks and trailers. The company said it would remanufacture Oshkosh heavy expanded mobility tactical trucks, heavy equipment transporters and palletized load system trucks and trailers.
The initial vehicles were scheduled to be ready by July 2005, Oshkosh said. Transport Topics
