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The News for Truckers * USA
* USA - Just Keeps Getting Worse
USA -Trucker to Trucher -30 Nov 2007: -- The slow economy is hitting truckers where it hurts -- right in the old wallet. Declining truck volumes have been reported across the country, particularly for auto and home construction materials. High fuel costs are cutting into profits and sometimes eating them up entirely. The October figures that affect the trucking industry are in and they're not good. Read 'em and weep.
-- Durable goods orders fell 0.4% in October, according to the U.S. Commerce Department, greater than the 1% drop forecast earlier by economists. The trucking industry is the major beneficiary of durable goods manufacturing as truckers haul both the manufacturing components and finished goods.
-- October truck tonnage fell 1.5% from a year ago, according to the ATA's seasonally adjusted for-hire truck tonnage index. October's index reading was 110.9. Year-to-date, the index has declined 2.2% over last year with 2007 on its way to recording the greatest drop since the 5.2% fiasco of 2000. Last year's drop was 1.7%.
-- Freight levels are expected to remain soft well through the first half of 2008.
-- The national average price of diesel rose 3.4 cents to a new all time record high of $3.444 per gallon, according to the U.S. Department of Energy. That's the third time this month the average price of diesel has increased. Crude oil last week reached a record high of $99.29 a barrel.
-- Third-quarter earnings from the nation's top 13 trucking companies declined across the board.
-- In October, trucking bankruptcies rose 11.5% from the previous month. Weak freight demand coupled with sharply rising fuel costs and operating expenses was to blame, according to Credit Suisse, a New York investment bank.
* Trucking Stocks Climb, Driven by Analyst Suggesting Investor Entry Point Is Approaching
New York,NY,USA -Associated Press -November 30, 2007: -- Shares of trucking companies closed higher along with the broader market Friday and as a Stifel Nicolaus analyst said he believes the sector is nearing a bottom, presenting a buying opportunity for investors... Analyst John G. Larkin said the freight market, and in turn the outlook for trucking stocks, remains "bleak." He predicted that the group might hit its lowest point late in the first quarter or early in the second quarter of 2008... Larkin said by that time, the stocks should have factored in all the negative aspects of the freight slump...
Labels: trucking markets
posted by Unknown @ 5:13 AM
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