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TRUCKING INDUSTRY'S PROGNOSIS * USA
* S&P sees trucking sector weakness through at least 2009 on overcapacity and soaring fuel costs
New York,NY,USA -Associated Press/CNN Money -July 09, 2008: -- Standard & Poor's Ratings Services said Wednesday it expects overcapacity, poor pricing and soaring fuel costs to plague the trucking sector through at least next year... In addition to the industry-specific problems, weak consumer spending and a slumping housing market in the U.S. are compounding problems for truckers because they haul a large portion of consumer goods in the country, S&P said... S&P predicts consumer spending will rise this year at about half the rate it did in 2007... S&P expects these factors to result in weak earnings in the trucking sector through the end of the year. The agency expects capacity reductions to start bringing the sector into better balance next year, but said a turnaround is unlikely until late 2009... (Photo from The Trucker: The report, “An Uphill Climb For U.S. Trucking Companies,” notes that these weak economic conditions and escalating commodity prices in the U.S. have translated into depressed consumer spending levels and soft tonnage levels for truckers)Labels: markets prognosis
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