P.M. Executive Briefing - Sept. 28
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Analysts Say U.S. Economy Will Regain Momentum in Fourth Quarter
Analysts are projecting that the U.S. economy will pick up speed once again in the upcoming fourth quarter after a growth rate of about 3% in the third, Bloomberg reported Thursday.The gross domestic product, a measure of U.S.-produced goods and services, is expected to sped up to a 3.9% annualized growth rate, after a 3.1% increase in the third quarter, according to the 33 analysts surveyed by Bloomberg. This is good news for trucking companies whose freight-hauling business depends on the pace of overall economic activity. Transport Topics
Canada-Michigan Fight Over Single Business Tax Goes to Legislature
The battle between the Canadian trucking industry and Michigan over that state's single business tax moved into the Michigan legislature, as the Michigan Senate's international trade committee passed a bill making foreign carriers exempt from that tax.
The bill next goes to the state Senate's finance committee, which will hold public hearings next week. Transport Topics
Crude Oil Prices Hit Six-Week Low
Crude oil prices were still being influenced later Thursday by word early Thursday that Saudi Arabia was willing to increase output if necessary to lower prices, fell nearly 2% to a six-week low, Bloomberg reports.Prices fell 1.9% to $30.85 per barrel on the New York Mercantile Exchange, its lowest level since Aug. 14. In London, prices also fell 1.9% to $30.96 per barrel on the International Petroleum Exchange, the article said. Transport Topics
Marten Transport 3Q to Fall Short of Expectations
Marten Transport, a Mondovi, Wis.-based truckload carrier specializing in time- and temperature-sensitive goods, said Thursday it expects third-quarter net income to fall below its previous expectations.The company expects third-quarter net income in the 41-46 cents per share range, as compared to 46 cent per share in the same period of 1999. The company blamed rising diesel fuel prices and lower utilization of equipment than it aimed for. Transport Topics
Indiana Extends Halt of State Gas Tax
Indiana Gov. Frank O'Bannon has again extended a suspension of the state sales tax on gasoline, the Associated Press reported.In announcing the move Wednesday, the governor did not say when the 5% tax might be re-stored, but AP noted that by a statutory limit the suspension would expire Oct. 25 unless removed sooner. Transport Topics
House Passes Bill To Allow State, Local Action on CB Radio Rules
The U.S. House of Representatives passed a bill Wednesday that would give local and state governments authority to enforce certain Federal Communications Commission (FCC) regulations on the use of citizens band (CB) radios.That would mean local officials would not have to wait for federal enforcement if they detect abuse of CB radios.
State or local governments may do this by enacting statutes or ordinances aimed at upholding FCC regulations, regarding usage of CB radios and the frequency in which CBs operate. CB radios are to be operated between 24 MHz and 34 MHz.
The bill now moves on to the U.S. Senate for consideration. Transport Topics
Headlines From Today's A.M. Briefing
- Though Truck Hours Reform Delayed, Wolf Says It's Coming
- M.S. Carriers, U.S. Express Both Warn on Earnings
- Xtra Lease, Terion to Put Cellular Tracking on 25,000 Trailers
- Solar Truck Line Victim of Western Star Acquisition
- Clean Diesel Demonstration to Target Heavy-Duty Trucks
- Saudi Oil Assurance Sends Oil Price Lower
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