Trucking companies are bumping up orders for new big rigs, anticipating that 2018 will be a banner year for shipping demand.
Trucking fleets ordered 32,900 Class 8 trucks, the kind used on long-haul routes, in November, according to ACT Research, which compiles industry statistics. That was up about 70% from a year earlier. The last two months were also the strongest since the start of 2015.
Fleets are adding capacity as strong economic growth fuels surging volumes of freight through the nation’s transportation networks. Trucks are in high demand to carry record imports from ports to distribution centers, move machine parts and heavy goods for manufacturers and merchandise during the holiday shopping season. Shippers are paying higher rates as capacity tightens, creating an incentive to put more trucks on the road.
U.S. worker productivity rebounded in the third quarter while hourly wages rose moderately, further signs the economy is strengthening.
Productivity—a measure of goods and services produced in the U.S. per hour worked—rose at a 3% annual rate in July through September, the Labor Department said Wednesday, the biggest jump in three years.
The U.S. economy is running at its full potential for the first time in a decade, a new milestone for an expansion now in its ninth year.
Total economic output in the third quarter was slightly above the maximum sustainable level of output as estimated by the nonpartisan Congressional Budget Office.
This is a measure of the economy’s potential to produce goods and services based on the supply of people working and how productive they are.
California’s economic growth in the second quarter ranks only 35th in the nation, according to a report Tuesday from the federal Bureau of Economic Analysis.
Gross domestic product growth in California was just 2.1 percent in the quarter, second-lowest in the West, trailing Hawaii’s rank of 40th.
Real gross domestic product increased in 48 states and the District of Columbia in the second quarter of 2017, according to statistics on the geographic breakout of GDP released today by the BEA. Real GDP by state growth in the second quarter ranged from 8.3 percent in North Dakota to -0.7 percent in Iowa.
U.S. workers boosted output per hour this summer at the best rate in three years, a sign that long sluggish productivity gains might finally be breaking out. Nonfarm business-sector productivity increased at a 3.0% seasonally adjusted annual rate in the third quarter, the Labor Department said Thursday. The gain was better than economists had expected and the largest quarterly improvement since the third quarter of 2014. Productivity is on pace to grow this year at the best pace since 2010, when the economy was first emerging from a deep recession. That’s an improvement from near zero much of 2015 and 2016.