Business

As the federal government moved last week to help states promote private transportation investment, several states in the Northeast took initial steps toward adding toll roads or privatizing existing highways.

Penske Logistics plans to close a trucking terminal in Richfield, Ohio, and lay off 92 employees by the end of March, the Cleveland Plain Dealer reported Friday.

TTNews.com will be closed Monday for the Martin Luther King Jr. Day holiday. Please check back on Tuesday, Jan. 22, for the latest trucking and freight transportation news.

Crude oil prices plunged to below $50 a barrel Thursday following a Department of Energy report that showed stronger inventories of crude oil, gasoline and distillates, which include diesel.

Manufacturing levels in the Philadelphia area improved this month as orders and sales improved, the Federal Reserve Bank of Philadelphia said Thursday.

U.S. consumer prices rose 0.5% in December, the most since April, following no change in November, the Labor Department said Thursday.

U.S. new housing starts jumped 4.5% in December as builders took advantage of warmer weather, the Commerce Department said Thursday.

Ceva Logistics said Thursday that it named John Pattullo chief executive officer of the company.

The Federal Reserve said Wednesday that its 12 district banks reported a moderate pace of growth and inflation late last year as labor markets tightened, and several regional banks reported softer trucking demand.

American Trucking Associations Wednesday named the members of the 2007-2008 America’s Road Team, an elite group of drivers who have driven millions of miles safely and will serve as trucking ambassadors for the next two years.