Trucking companies ordered 36,200 Class 8 trucks in October according to a preliminary report from ACT Research. That was up 60.4% from September, and a 160% gain from a year ago…this is remarkable because normally orders peak in December. So truckers are optimistic but still complaining about driver shortages. This is going to be interesting!
Oil continues its rise – West Texas Intermediate was $57 at the close of trading Monday – pushed up by “arresting” events in Saudi Arabia and lower than expected output from the US.
On a tragic note, the administration suspended the Jones act (requiring US built ships with US crews) for a mere 2 weeks for shipments to Puerto Rico. Two weeks is hardly enough time to get a truck – let alone and ship (slight exaggeration) – but it is time for this ~100 year old protectionist act to be eliminated. In this case, the tragedy is that people need help – and they are not getting it!