FMCSA addresses ELD self-certification, transition questions
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FMCSA addresses ELD self-certification, transition questions
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Economic Watch: Home Starts Slow, Overall Optimism Remains
Nationwide housing starts fell 5.8% to a seasonally adjusted annual rate of 1.14 million units in August, according to newly released data from the Commerce Department on Tuesday, the latest disappointing economic indicator, but there are still feelings overall economic conditions are improving.
“After two months of gains, the housing market gave back a bit in August,” says Ed Brady, chairman of the National Association of Home Builders. “However, with builders reporting low inventory levels and rising confidence, we expect more consumers will return to the market in the months ahead.”
Both housing sectors posted production declines in August. Single-family housing starts fell 6% to a seasonally adjusted annual rate of 722,000 units while multifamily production declined 5.4% to 420,000 units.
“The August reading represents a one-month blip in what has been a long-term, gradual recovery,” says NAHB Chief Economist Robert Dietz. “On a year-over-year basis, single-family starts are up 9% while multifamily construction continues to level off at a solid level as that sector seeks to find a balance between supply and demand.”
Overall permit issuance, an indicator of future home building, edged 0.4% lower. Single-family permits rose 3.7% in August to a rate of 737,000 while multifamily permits dropped 7.2% to 402,000. Combined single- and multifamily starts increased in three of the four regions in August; the Northeast, Midwest and West; while the South posted an atypical decline.
The pullback in August housing starts, and particularly the weakness in single unit starts, has lowered expectations by the Royal Bank of Canada with it comes to third quarter residential investment, but there there are higher hopes in other economic sectors.
RBC Economist John Nye expects a modest 2% annualized decline rather than flat activity, although that would still represent an improvement on the nearly 8% annualized decline recorded in the prior quarter.
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Love’s opens new OK, MS locations
Love's Travel Stops opened recently in Okmulgee, OK, along U.S. Highway 75, and in Lake, MA, along Interstate 20 at Exit 96. The Okmulgee store has Love's third IHOP Express restaurant.
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Diesel down but gasoline up for the week
The national average retail price for diesel dropped this week, according to data tracked by the Energy Information Administration (EIA), while gasoline prices ticked upward both nationally and regionally.
Diesel declined a penny this week to a national retail average of $2.389 per gallon, EIA noted, though that's 10.4 cents per gallon cheaper when compared to the same week in 2015.
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New federal policy for autonomous vehicles revealed
A newly-crafted “Federal Automated Vehicles Policy” is being unveiled today by the Obama administration, designed in its words to “help facilitate the responsible introduction” of autonomous vehicles to “make transportation safer, cleaner, more accessible, and more efficient.”
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Clough: Weaker used Class 8 prices ahead
Steve Clough, president of Arrow Truck Sales, projects that prices for used Class 8 tractors will continue weakening as the supply of such units continues to grow in the market; supply that is only poised only to increase down the road.
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