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As more trucking companies report third quarter earnings, most are showing profits are down from the same time a year ago – but there are a few exceptions.
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New preliminary numbers suggest U.S. manufacturers started the fourth quarter in a strong fashion, and other numbers point to an improving overall economy in the final three months of the year -- with manufacturing and housing, two key areas related to truck freight, helping lead the way.
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UPDATED -- The third quarter earnings season continued on Thursday with the release of reports showing more trucking companies had lower earnings compared to a year ago, with another held on.
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Profit for the Tennessee-based parent to Covenant Transport plummeted in the third quarter, while Landstar System recorded only a 7.6% decline, according to numbers released late Wednesday afternoon.
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After offering a glimmer of “less bad” hope in August, one measure of freight shipments data in September disappointed.
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While the strength of nation’s homebuilding market has eased just a bit, it remains robust. Meanwhile, a measure of consumer prices show it’s approaching a level the Federal Reserve has said it needs to hit in order to raise interest rates.
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The total output from the nation’s factories, mines and utilities rebounded last month, posting its best quarterly performance in a year, due in part to increased manufacturing, according to new Federal Reserve figures.
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Third quarter earnings for the nation’s trucking companies began rolling in on Monday, following reports of lowered expectations as several negative factors weigh on the nation’s freight markets.
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Retail sales in the U.S. posted a solid gain in September, indicating consumers remain confident about the economy – but a separate report revealed that certainty is being hit by the race for White House.
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The amount of freight moved by the nation’s for-hire transportation industry fell in August after rising four straight months, according to new Transportation Department figures, and reflecting trends in the overall economy.
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