Key Currency Exchange Rates for Friday, 11/6/20

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.4% in October after rising 2.2% in September. In October, the index equaled 113 (2015=100) compared with 112.6 in September. “October’s gain was the third straight totaling 2.9%,” said ATA Chief Economist Bob Costello. “The combination of solid retail sales, inventory rebuilding, and generally higher factory output offset some areas of softer freight growth, like home construction, in October. “Economic growth remains on solid footing, which is good for truck freight volumes going forward. The largest problem for the industry isn’t the amount of demand, but making sure we have adequate supply. It is good to see that fleets were able to haul more tonnage in recent months in the face of constrained supply,” he said. September’s reading was revised down slightly to 2.2% from our October 19 press release.

American Dollar to Canadian Dollar = 0.803578 American Dollar to Chinese Yuan = 0.152452; American Dollar to Euro = 1.192098; American Dollar to Japanese Yen = 0.009080; American Dollar to Mexican Peso = 0.056014.

The major freight railroads appear unwilling to give track maintenance workers much more than they received in the initial contract they rejected last week, increasing the chances of a strike. The railroads took the unusual step of issuing a statement late Wednesday rejecting the Brotherhood of Maintenance of Way Employes Division union’s latest request to add paid sick time on top of the 24% raises and $5,000 in bonuses they received in the first five-year deal. Union Pacific CEO Lance Fritz said Thursday that he thinks the main reason the BMWED rejected its initial contract last week was that the details of improved expense reimbursement in the deal were still being negotiated at Union Pacific while workers were voting. So it wasn’t clear exactly what those workers would receive for their travel expenses when they go on the road to repair tracks. Six of the 12 railroad unions that represent 115,000 workers nationwide have approved their tentative agreements with the railroads so far, but all of them have to ratify their contracts to avoid a strike.