P.M. Executive Briefing - Jan. 11
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U.S. Import, Export Prices Fall in December
U.S. import prices - the cost of goods coming into the country and transferred from ships to trucks - fell 0.5% in December, the U.S. Labor Department reported Thursday. The drop follows a 0.1% gain in prices in November.The decline in import prices should help domestic producers keep their prices lower, which in turn will help keep domestic inflation down.
A Reuters article noted that the drop in imports came along with a 9.3% fall in petroleum-import prices. However, import prices have been rising 3.5% overall since last year because of more expensive petroleum products. Excluding petroleum, import prices actually increased 0.9%
New Jobless Claims Fall, But Labor Market Seen Easing
U.S. claims for state unemployment benefits dropped by 36,000 to a seasonally adjusted 345,000 during the week ending Jan. 6, the U.S. Labor Department reported Thursday. Several news sources noted that the figure is the steepest drop since July.But the four-week moving average of jobless claims - which smooths out week-to-week volatility and better shows trends in the labor market - grew to 363,000 last week, the highest point since July 1998.
Government analysts did not give a reason for the weekly drop but believe the economy is heading for a further downturn based on other economic statistics, an Associated Press article said.
The AP article noted that shutdowns at auto and truck manufacturing plants are contributing to the overall rise in unemployment claims. Transport Topics
Thermo King Gets 5-Year Air Force Contract
Industrial conglomerate Ingersoll-Rand (IR) announced Wednesday that its Thermo King unit has signed a five-year contract to provide transport refrigeration systems for the United States Air Force, starting with 150 units by the end of the third quarter. Neither the value of the contract nor the total number of units ordered was released.Thermo King will provide a modified version of its V-280 truck refrigeration unit to the Air Force, which will be attached to refrigerated containers used to transport a variety of temperature-sensitive products including food and perishable medical supplies.
Testing of the modified V-280 unit is expected to begin this month. The Air Force expects to begin taking delivery of the first 150 units by the third quarter of 2001.
The Air Force order follows closely after a recently completed delivery of approximately 600 units to the U.S. Marine Corps. Thermo King's Marine Corps order, comprising a different type of refrigeration unit, was valued at $3.3 million.
Thermo King is based in Minneapolis, Minn. Transport Topics
Jury: Driver, Trucking Co. Liable in Texas Truck Accident
A Texas jury ruled that a truck driver and the trucking company he worked for would need to pay $3.7 million to the family of a passenger who was killed in a 1995 accident, the Houston Chronicle reported Wednesday.The jury found driver John Landry and Builders Transport Inc. negligent after a friend of Landry's, Roy Cell Smith Jr., was thrown through the windshield and then run over by the tractor or the trailer, according to the paper.
A test found marijuana and cocaine in Landry's system as well as a blood-alcohol level of 0.12, the paper said.
The company argued it should not be found negligent because it forbade drivers from carrying passengers. But Smith's family said Builders Transport hired Landry despite knowledge of his felony conviction for delivering controlled substances, the Chronicle reported. Transport Topics
Headlines From Today's A.M. Briefing
- Canadian Firm Clarke Buying Four U.S. Companies
- Old Dominion Expects Lower 4Q Earnings
- Potential Saudi Oil Cut Drives Crude Prices Up
- Federal-Mogul Gets New CEO, COO
- DOT Gives UPS Final Approval for China Flights
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