30 Jul US Economy Shrank at Record-Breaking 33% Rate Last Quarter The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said July 30. Read more...
30 Jul Werner Reports Q2 Revenue of $569 Million Werner Enterprises reported declines in second-quarter revenue and net income during what the company’s leader said was one of the toughest business environments it has ever confronted. Read more...
30 Jul House Lawmakers Examine FEMA’s Disaster Response Policies The COVID-19 pandemic prompted several congressional transportation leaders to examine the Federal Emergency Management Agency’s ability to assist citizens during events that impede access to freight and passenger corridors. Read more...
30 Jul FBI Warns Truckers That Hackers Could Target ELD Data The FBI issued a cautionary notice warning truckers that cyber criminals could target electronic logging device vulnerabilities as a means of seizing business information, but industry experts note that hackers have as yet not found a way to crack into ELD data. Read more...
29 Jul ArcBest Reports Lower Q2, Midyear Earnings Because of COVID-19 ArcBest turned a second-quarter profit, albeit considerably lower than the year-ago level because of the COVID-19 pandemic, the Fort Smith, Ark., carrier announced July 29. Read more...
29 Jul Ryder Posts Q2 Net Loss, Revenue Decline A net loss and a drop-off in revenue marked Ryder System Inc.’s second-quarter results. Read more...
29 Jul Oil Edges Up After US Crude Supplies Shrink Most This Year Oil was propped up by the biggest decline in U.S. crude inventories this year, signaling a bright spot in a market weakened by COVID-19. Read more...
29 Jul Saia Posts Decrease in Q2 Profit, Revenue Profit and revenue declined during the second quarter at Saia Inc. as the company dealt with the economic effects of the COVID-19 pandemic. Read more...
29 Jul Norfolk Southern Sees Lower Q2 Earnings Due to Pandemic Norfolk Southern beat Wall Street’s expectations when the Class I railroad reported second-quarter earnings July 29. Read more...
29 Jul Fed Sees Dim Economic Outlook as Virus Squeezes Economy WASHINGTON — The Federal Reserve expressed concern July 29 that the viral outbreak will act as a drag on the economy and hiring in the coming months and said it plans to keep its benchmark short-term interest rate pegged near zero. Read more...