Speaker 1: This is America's Trucking Network with Kevin Gordon.
Speaker 2: Well More.
Speaker 3: Thanks for tuning in as we begin our week here
Speaker 3: on America's truck and Network, the show that is the
Speaker 3: exception to the rule that nothing good happens after midnight. Well,
Speaker 3: a little bit of an update here on Hurricane Melissa.
Speaker 3: She seems to be kicking up her heels down in
Speaker 3: the Caribbean.
Speaker 4: As we talked about last week that.
Speaker 3: It was approaching what had hit hurricane status, but it
Speaker 3: now is a category five. It is turning northward. Catastrophic
Speaker 3: and life threatening winds, flooding and storm surge expected on
Speaker 3: Jamaica early today and later on this morning. Now, the
Speaker 3: trajectory of this, it appeared originally that it was going
Speaker 3: to head north and look like it was going to
Speaker 3: head towards the southern tip of Florida, around the Florida
Speaker 3: Keys thereabouts. It looks like now that it's going to
Speaker 3: be veering off westward and only going to be hitting
Speaker 3: the I'm sorry eastward rather and hitting the east portion
Speaker 3: of Cuba. Now nobody's talking about this yet, However, you're
Speaker 3: going to be hearing it here on America's Trucking Network.
Speaker 3: That is the area down in the southern tip of
Speaker 3: the southeastern portion of Cuba is where our Guantanamo Bay
Speaker 3: facility is there, and it's the only portion of Cuba
Speaker 3: that is owned by the United States, and we've maintained
Speaker 3: that for a number of years, even you know, during
Speaker 3: the communist regime and cast throw and all that, and
Speaker 3: that's where a lot of these how should we say,
Speaker 3: illegal deportees or the more I guess more dangerous criminals
Speaker 3: are being held. So it's going to be interesting to
Speaker 3: see how that works out if this does in fact
Speaker 3: go in that direction. But right now, it looks like
Speaker 3: it's going to be hitting Jamaica. It's going to be
Speaker 3: some storm surges there. And if it goes in the
Speaker 3: trajectory that, it looks like it's going to take this
Speaker 3: eastwardly bent and maybe hit the south and the eastern
Speaker 3: tip of Cuba. So we'll keep an eye on that.
Speaker 3: Some interesting thing we got this notification. We've got not
Speaker 3: a notification, but we got a latest release of a
Speaker 3: study from American Transportation Research Institute.
Speaker 4: And some interesting things in there.
Speaker 3: It's the for the third year in a row they
Speaker 3: actually do their top industry concerns where they send out
Speaker 3: the survey, and maybe a lot of you have participated
Speaker 3: in that, but they release this just the other day.
Speaker 3: As a matter of fact, American Transportation Research Institute at RII,
Speaker 3: the Trucking Institute's not for profit research organization, released the
Speaker 3: twenty first annual Top Industry Issue Report, identifying the trucking
Speaker 3: industries leading issues. This year's list include the economy, which
Speaker 3: you know, a lot of people will ask me that
Speaker 3: aren't familiar with the trucking industry or people that listen,
Speaker 3: why do you add why do you talk about the
Speaker 3: economy so much? And i'm it's the thing that affects
Speaker 3: the truckers. It's the thing that affects you out there.
Speaker 3: If the economy is not doing well, there's not going
Speaker 3: to be those number of loads for you to be carrying.
Speaker 3: People aren't going to be buying stuff from stores, which
Speaker 3: means that the shells aren't going to have to be filled,
Speaker 3: which means they're going to be less trucks on the
Speaker 3: road filling bringing the goods to these locations. And for
Speaker 3: people that aren't aware of this, seventy two percent of
Speaker 3: everything you see on the shelves out there are brought
Speaker 3: to you by a truck. And as people pointed out
Speaker 3: to me at the Mid America Trucking Associate or Trucking
Speaker 3: Show this past March, a lot of people came up
Speaker 3: to the booth and said, hey, you know, a lot
Speaker 3: of people keep talking about that seventy two percent figure.
Speaker 3: But if you take into consideration everything and every part
Speaker 3: of the economy, everything at some point in time.
Speaker 4: Touches a truck.
Speaker 3: And the stuff that you don't see in terms of
Speaker 3: the service areas like stuff being delivered to hospital, the
Speaker 3: supplies that are delivered to hospitals, the supplies that are
Speaker 3: delivered to stores, you know, cleaning supplies, mops, buckets, that
Speaker 3: type of thing, which aren't the items that are actually
Speaker 3: on the shelves. Those are all brought to those locations
Speaker 3: by a truck at all. Also, so when you add
Speaker 3: all that into there, there is a tremendous amount and
Speaker 3: the truck well, most everybody that knows anything about anything
Speaker 3: realizes how important the trucking industry is. A lot of
Speaker 3: people learn that lesson the hard way during the pandemic,
Speaker 3: when some of the shores the shelves were empty and
Speaker 3: people were saying, well, gee, whiz, what happened and where
Speaker 3: is everything. Well, trucks didn't get here or the stuff
Speaker 3: isn't available at the facility to be transported here, and
Speaker 3: so the trucking industry delivering good during that period of time.
Speaker 3: Actually we're treated as heroes a lot of times, and
Speaker 3: as soon as the plandemic was over, it's back to
Speaker 3: the same old, same old. You know, it's just no
Speaker 3: respect for the trucking industry at all. So again people
Speaker 3: need to realize that not only the importance of the
Speaker 3: trucking industry to the stuff getting there on the shelves,
Speaker 3: but also the stuff that's getting to the individual locations
Speaker 3: for other supplies. As I mentioned hospital, the betting, the sheets,
Speaker 3: all the stuff is being cleaned and then the cleaning
Speaker 3: supplies themselves, so very important.
Speaker 4: Okay.
Speaker 3: Top issues on the list is Economic and the Economy,
Speaker 3: lawsuit abuse reform, insurance costs and availability and truck Parking.
Speaker 3: List also debuts for the first time four new issues
Speaker 3: on that list. Two of them, as they say here
Speaker 3: in the opening paragraph English language proficiency for drivers and
Speaker 3: Artificial Intelligence and Trucking. Andy Owens, a and M Transport president, said,
Speaker 3: we're in the third year of an extended freight recession
Speaker 3: and the pain is real.
Speaker 4: Now.
Speaker 3: Any of you that have been involved in the trucking
Speaker 3: industry for a number of years, you realize and you know,
Speaker 3: and you've experienced the ups and downs in the trucking industry.
Speaker 4: There are certain periods of.
Speaker 3: Time where there's a certain amount of a freight recession,
Speaker 3: especially in recessionary times. However, as a result of the plandemic,
Speaker 3: we have got a unique situation in the trucking industry
Speaker 3: as far as a trucking recession, because a lot of
Speaker 3: during the pandemic, a lot of additional truckers came into
Speaker 3: the business thinking, Hey, you know, I've got a CDO license,
Speaker 3: I can buy a truck, and I can get into
Speaker 3: this business. And it seems like people are making a
Speaker 3: lot of money, so I'm going to jump on board,
Speaker 3: so to speak. And so there has been a little
Speaker 3: bit of a oversupply of trucks, oversupply of availability, and
Speaker 3: so the freight rates have come down tremendously, and of
Speaker 3: course the operating costs have gone up, as you're aware of.
Speaker 3: So there's been this squeeze as far as the trucking recession.
Speaker 3: Usually these trucking recessions last anywhere from twelve to fourteen months,
Speaker 3: maybe eighteen months on the outside. But we are now
Speaker 3: into the third year of it, it seems and every
Speaker 3: time you turn around, there seems like there's a light
Speaker 3: at the end of the tunnel, and once then eventually
Speaker 3: so it seems like that light dims and gets further away.
Speaker 3: But a lot of people are anticipating. I'm seeing more
Speaker 3: and more stories about people being encouraged of what they're
Speaker 3: seeing and what they're anticipating over the next six months
Speaker 3: to be and then going on into twenty twenty six,
Speaker 3: well the last few months of this year as I'm thinking,
Speaker 3: but also the first part of twenty twenty six, so
Speaker 3: people are very getting more optimistic about that. So looking
Speaker 3: through this, according to Andy Owen's third year of an
Speaker 3: extended freight recession, operating costs, operating costs climbed to their
Speaker 3: highest ever the same time the freight pricing has bottomed out.
Speaker 3: Atr eyesnual analysis is so critical to our industry to
Speaker 3: not only quantify the issues, but more importantly, to understand
Speaker 3: what we can collectively do as an industry to address
Speaker 3: each The economy came in at number one lawsuit abuse, reform,
Speaker 3: and insurance costs and availability each rose one spot to
Speaker 3: be number two and number three of the top concerns.
Speaker 3: Lack of available truck parking dropped two spots this year
Speaker 3: to number four, and concern over driver compensation held on
Speaker 3: to its position at number five. Driver training standard had
Speaker 3: been on the list of truck drivers concerns since twenty nineteen,
Speaker 3: but this year garnered enough votes to across all across
Speaker 3: all respondents to come in at number nine, which is
Speaker 3: now the addition to the list. So rounding out to
Speaker 3: give you an idea again the top ten. The economy
Speaker 3: came in at number one, lawsuit abuse two, insurance costs
Speaker 3: and availability three, truck parking for driver compensation five. CSA
Speaker 3: came in at number six. English language proficiency came in
Speaker 3: at number seven. Diesel emission regulations That was the other
Speaker 3: the fourth of the items that got onto the list,
Speaker 3: different from any of the prior years because there's been
Speaker 3: this discussion as far as the EPA is concerned, what
Speaker 3: they're going to be rolling back as far as emissions
Speaker 3: and then how that's going to affect the model year
Speaker 3: trucks that for twenty twenty seven and for some of
Speaker 3: the model trucks coming in in twenty twenty six, because
Speaker 3: a lot of that regulations that have been puted and
Speaker 3: placed on that are already in the works. Some of
Speaker 3: that can't be pulled back, some of it can be
Speaker 3: stalled or whatever. So it's going to be interesting to
Speaker 3: see how these truck emissions and the regulations on that turnout. Finally,
Speaker 3: driver Training Standards and artificial Intelligence and trucking came in
Speaker 3: at number ten. We'll pick this up a little bit
Speaker 3: and get into some other things. I'm Kevin Gordon, America's
Speaker 3: Trucking Network seven hundred w LW.
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Speaker 3: I'm Kevin Gored in America's Trucking Network seven hundred WLW.
Speaker 3: Finishing of our conversation here on this American Transportation Research
Speaker 3: Institute study top ten trucking industry issues. And it's interesting
Speaker 3: because when they do the survey. This survey goes out
Speaker 3: not only the truckers, but people in the companies themselves.
Speaker 3: Over forty six percent of the survey respondse where motor
Speaker 3: carrier executives and personnel truck drivers represented thirty percent of
Speaker 3: the remaining twenty three percent made up.
Speaker 4: Of other freight stakeholders.
Speaker 3: So again, you know, kind of a hint or whatever,
Speaker 3: kind of a prompting to you that if you see
Speaker 3: when you're looking at American Transportation Research Institute publications or
Speaker 3: if you're reading certain things and you see that they're
Speaker 3: asking for respondents to check in. As a matter of fact,
Speaker 3: at the Mid America Trucking Association American Trucking Show back
Speaker 3: in March, I had Rebecca Brewster on and we talked
Speaker 3: about some of the surveys, and she mentioned at that
Speaker 3: time how it's important and in order for them to
Speaker 3: get a clear picture of what's going on in the
Speaker 3: trucking industry that people participate in terms of some of
Speaker 3: the surveys that they were putting together at the time
Speaker 3: was the cost of operations and then some other things,
Speaker 3: and especially this survey here. And so if you see
Speaker 3: those surveys, take the time and fill it out because
Speaker 3: again I understand being an independent trucker.
Speaker 4: I know talking to some.
Speaker 3: Of you, a lot of you either like or hate
Speaker 3: the American American Trucking Associations. A lot of you have
Speaker 3: good thoughts about oh Aida. Some have bad thoughts, bad experiences,
Speaker 3: or so on. Part of the thing of being an
Speaker 3: independent trucker is that you don't, as Graucho Marsch used
Speaker 3: to say, I never want to be a member of
Speaker 3: a group that would have me as a member. So
Speaker 3: as you are an independent, you like your independence, and
Speaker 3: so you don't want to be a member of a group. However,
Speaker 3: when it comes to lobbying, when it comes to getting
Speaker 3: stuff changed, when it comes to knowing that your voice
Speaker 3: is being heard out there, the concerns that you have,
Speaker 3: if you don't fill out these surveys, if you don't
Speaker 3: participate in some of this stuff, if you don't take
Speaker 3: the time to do the individual surveys, people aren't going
Speaker 3: to know what your concerns are because as you can,
Speaker 3: as you see in these surveys, when they come out,
Speaker 3: they will talk about, well, the trucking people in the
Speaker 3: trucking industry themselves, people that are the carrier executives and
Speaker 3: corporate workers. They have different concerns than you have, and
Speaker 3: so if this survey goes out and it's discussed in
Speaker 3: the media, they may pay more attention to what you
Speaker 3: know as far as Congress is concerned what these executives
Speaker 3: are talking about, as opposed to what's important to you.
Speaker 3: And of course truck parking, the economy and all those
Speaker 3: things are very important to you. So again, over forty
Speaker 3: six percent of the service the survey respondents, remoter carrier executives,
Speaker 3: only thirty percent or the drivers. And you are the
Speaker 3: backbone of this, and so you need to participate more
Speaker 3: and more in these studies so that your concerns are
Speaker 3: out there and people know what they are. I talk
Speaker 3: about some of this legislation that goes on later on
Speaker 3: in the week. I hope we can talk to get
Speaker 3: in touch with Louis Pugh from Owner Operator Independent Driver
Speaker 3: Association OWAIDA and talk about this licensing non domicile licenses
Speaker 3: that are being issued, as well as the English language
Speaker 3: proficiency and making sure that's enforced even though it's been
Speaker 3: on the books. But we saw the crash last week
Speaker 3: that we talked about. Three people died and then back
Speaker 3: in August. Again, an English language proficiency person that couldn't
Speaker 3: even pass the test, couldn't even identify any of the roads.
Speaker 3: I think he could only identify what two out of
Speaker 3: twelve had failed his driving test for the owner operator
Speaker 3: or for the CDO license either.
Speaker 4: Some reports said ten. I saw another.
Speaker 3: Report that said he had failed thirteen times but still
Speaker 3: managed to get a license within a two month period
Speaker 3: of time. So I know these kinds of things, the regulations,
Speaker 3: these things need to be enforced. And if they don't
Speaker 3: hear from you, it's your voice isn't going to be heard.
Speaker 3: So we'll be talking to Louis Pugh later on about that.
Speaker 3: But again you've got to be and when I put
Speaker 3: out the word in terms of some of these bills
Speaker 3: that are before Congress, and I'll give out the phone
Speaker 3: number of the switchboard, again, I got to emphasize that
Speaker 3: it is a very easy process. Is probably one of
Speaker 3: the best things that the government does is the legislator
Speaker 3: of the Congressional switchboard, because that handles the calls both
Speaker 3: for the House and for the Senate. All you have
Speaker 3: to do is call there. All you have to do
Speaker 3: is give your name where you're located. And even if
Speaker 3: you don't know your senator or congressman, they know they
Speaker 3: can tell you which one it is, and then you
Speaker 3: can leave your message for them. Of course, leave it
Speaker 3: courteously and that type of thing. But if they hear
Speaker 3: from you, then that will change their vote or prompt
Speaker 3: them to vote on certain issues that are important to
Speaker 3: the trucking industry. And if you don't take advantage of that,
Speaker 3: your voice isn't going to be heard again. Twenty three
Speaker 3: percent made up of other freight stakeholders. Among truck drivers respondents,
Speaker 3: driver compensation, truck parking in England language proficiency were the
Speaker 3: top three concerns. So again re emphasizing driver compensation, truck parking,
Speaker 3: and English language proficiency are your top three concerns. The
Speaker 3: top three concerns here on the overall survey were economy,
Speaker 3: lawsuit abuse, insurance costs. Truck parking came in at number four.
Speaker 3: That's number two on your list. So again, as far
Speaker 3: as a respondence concern, compensation, truck parking and English language
Speaker 3: proficiency were the top three concerns.
Speaker 4: As far as overall driver Let's.
Speaker 3: See, English language was down there around number seven, so
Speaker 3: the difference between the overall survey, and what's important to
Speaker 3: you is the key here, and so for you to
Speaker 3: participate in this and change the dynamics of this and
Speaker 3: what people are focused on, you need to participate in
Speaker 3: some of these surveys. Again, let's see get back to
Speaker 3: this the driver Company Station lawsuit. Over forty two hundred
Speaker 3: trucking industry stakeholders participated in this year's survey, a fourteen
Speaker 3: percent increase over twenty twenty four responders including motor carriers,
Speaker 3: truck drivers, industry suppliers, driver trainers, and law enforcement, among
Speaker 3: other groups. The complete results and the course, you can
Speaker 3: go to the website there and I'll put this on
Speaker 3: Facebook and then a link there to where you can
Speaker 3: download the overall survey itself.
Speaker 4: And you can read it for yourself.
Speaker 3: But these things are extremely important, and when these things
Speaker 3: come out, make sure that you fill it out because again,
Speaker 3: your concerns should be the top priority.
Speaker 4: Other you're out there, you are where the rubber meets
Speaker 4: the road. You are there on a day to day.
Speaker 3: Basis, busting your hump to get this freight from one
Speaker 3: place to another. And despite what maybe the company is
Speaker 3: interested in, or law enforcement or these other people are
Speaker 3: interested in your concerns should be top priority, and they
Speaker 3: should be focused on that because with you, this economy crumbles.
Speaker 3: So I can't emphasize that enough. Last week, again towards
Speaker 3: the end of the week, we had that story about
Speaker 3: that horrific crash that happened in California, killing three people
Speaker 3: from a person that well, first of all, he was
Speaker 3: illegal that had somehow gotten a driver's license in California
Speaker 3: and couldn't speak English, couldn't pass the English language proficiency,
Speaker 3: and was on top of it all intoxicated. They say that,
Speaker 3: you know, some of the reports said that he was
Speaker 3: on drugs, So again, being intoxicated, be under being under
Speaker 3: the influence, and driving an eighty thousand pound vehicle got
Speaker 3: you know, just horrific. And if you've seen the accident,
Speaker 3: if you've seen that dashboard camera of that, it is
Speaker 3: one of the most horrific accidents I've ever seen in
Speaker 3: my life. But again that kind of pushed some of
Speaker 3: the economic news off to the side. And of course
Speaker 3: we had we talked about that, talked about it on
Speaker 3: our friend Dan.
Speaker 4: Carroll show, who precedes this show.
Speaker 3: I was able to talk to him about that on
Speaker 3: his program, and then did our show later on in
Speaker 3: the evening. So again some of the economic news we
Speaker 3: didn't get to. We'll get to that coming up. We
Speaker 3: had Jobless Claim Weekly Jobless claims some interesting information on
Speaker 3: interest rates and existing home sales. I'm Kevin Gordon, America
Speaker 3: struck In Network seven hundred WLW.
Speaker 2: News Traffic and Weather.
Speaker 10: News Radio seven hundred w l W, Cincinnati.
Speaker 11: Could we have a deal between the US and China?
Speaker 11: One person says yes. Well, the twelve thirty reports I'm
Speaker 11: Lee Mawin breaking now that one person and President Donald Trump,
Speaker 11: who's announced framework to a deal has been agreed.
Speaker 12: Upon more than six months after he launched his trade
Speaker 12: war with China. President Trump now says a deal could
Speaker 12: be at hand.
Speaker 4: Nothing has been agreed to yet.
Speaker 2: Well you do it. We feel good, I mean, we
Speaker 2: feel good.
Speaker 12: The administration says they've reached the framework of an agreement
Speaker 12: that covers spetanyl in tariffs and includes a pledge by
Speaker 12: China to resume buying American agriculture like soybeans, and to
Speaker 12: loosen restrictions on their sale of rare earth minerals critical
Speaker 12: for making smartphones and cars.
Speaker 11: ABC News Senior Political corresponded Rachel Scott Now.
Speaker 10: The Ladies forecast from the Train Heating and Cooling Weather
Speaker 10: Center on news radio seven hundred WLW over ninety.
Speaker 1: To night and scattered rain showers the low forty seven degrees.
Speaker 1: It will be partly sunny on Tuesday with a high
Speaker 1: of sixty, but that's the last break we get. Chance
Speaker 1: of rain begins Tuesday night and then on Wednesday, we're
Speaker 1: looking at essentially a washout with a high in the
Speaker 1: low fifties. That's the forecast on news radio seven hundred
Speaker 1: WLW fifty three degrees right now.
Speaker 11: Still some light rain hovering around the Ohio River, Norfolk, Entucky,
Speaker 11: southeastern Indiana, and southwestern Ohio, mainly across Claremont and Brown
Speaker 11: Counties again fifty three. The Department of Hotland Security claims
Speaker 11: they've arrested a threat to national security and a British
Speaker 11: journalist and political commentator on Sunday.
Speaker 13: British journalist and political commentator Sammy Hamdi was detained at
Speaker 13: San Francisco International Airport. He had been speaking in Sacramento
Speaker 13: and was heading to another event in Florida. The Department
Speaker 13: of Homeland Security says he had his visa revoked because
Speaker 13: Homdi poses a threat to national security. Rashad Norsey is
Speaker 13: executive director of the Council on American Islamic Relations in Sacramento.
Speaker 10: He has been publicly speaking about the genocide and Gaza.
Speaker 13: In response to DHS saisose who support terrorism will not
Speaker 13: be allowed to work or visit the US.
Speaker 11: Alex Stone EBC News. Our next update is that one
Speaker 11: I'mley Mawen. Who's video seven hundred WLW.
Speaker 4: Johnny Knoxville Here.
Speaker 3: Check out crime list Bill Billy Heist my new true
Speaker 3: crime podcast.
Speaker 4: The Truth.
Speaker 14: Here's your trucking forecast for the Tri State and the
Speaker 14: rest of the country. In the Tri State of a
Speaker 14: night mostly with a slight chance of rain, the low
Speaker 14: down to forty seven, partly Sunday, Tuesday high year sixty
Speaker 14: rain Wednesday, a high fifty two. Thursday cloudy with rain
Speaker 14: likely the first half of the day. Eyes again will
Speaker 14: be in the lower fifties nationally through Tuesday on. Subtle
Speaker 14: weather and cooler temperatures will continue across the southeast and
Speaker 14: southern Appalachians, with some instances of isolated flash flooding possible. Meanwhile,
Speaker 14: a new storm system organizing across the middle and lower
Speaker 14: Mississippi Valley by midweek, with widespread showers and storms expected,
Speaker 14: the central and eastern half of the country will start
Speaker 14: to see below average temperatures on Tuesday.
Speaker 3: Seven hundred WLW. I'm Kevin Gordon. This is America's Truck
Speaker 3: and Network. America's truck and Network supports the mission of
Speaker 3: Reese Across America.
Speaker 4: You can hear us every truck and Tuesday.
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Speaker 3: And thank you to all our truckers for supporting the
Speaker 3: mission of Reese Across America. And if you missed any
Speaker 3: of our shows last week or any portion of the show,
Speaker 3: hit up that iHeartRadio app brought to our brought to
Speaker 3: you buyer friends at Rush Truck Centers, we got weekly
Speaker 3: jobless claims increase.
Speaker 4: I love this this.
Speaker 3: I'm looking so forward to talking about this particular story
Speaker 3: only because of the way they kind of jimmy the
Speaker 3: numbers around here.
Speaker 4: I don't watch.
Speaker 3: The number of Americas filing new application for jobless benefits
Speaker 3: increased last week economists estimated on Thursday, and more people
Speaker 3: were collecting unemployment checks in early October amid easing labor
Speaker 3: market conditions. Initial claims for state unemployment benefits now, I'm
Speaker 3: going to give you the worst number first here. Okay,
Speaker 3: initial job as claims for state unemployment benefits rose to
Speaker 3: a seasonal adjusted two hundred and thirty two thousand. Now,
Speaker 3: that's up five percent from last week October the eighteenth,
Speaker 3: up from two hundred seventeen. Well, the number last week
Speaker 3: was two hundred and seventeen. Apparently that got adjusted up
Speaker 3: to two twenty, but they don't say when it was
Speaker 3: adjusted or how it was adjusted, but anyway, they're using
Speaker 3: the number of comparison of two hundred and twenty.
Speaker 4: Now.
Speaker 3: It's interesting that in the prior weeks because of the
Speaker 3: government shut down, this information that is collected by the
Speaker 3: states is available and uploaded to the US the Bureau
Speaker 3: of Labor Statistics website, so people can still get on
Speaker 3: there and see that. And so we have had JP
Speaker 3: Morgan chase their people in their company as well as
Speaker 3: Goldman Sacks pulling that information down and then based on
Speaker 3: some of the states that don't report, and then they
Speaker 3: can do that there's a formula that the that the
Speaker 3: Bureau of Labor Statistics puts out and so that they
Speaker 3: can say, okay, well, based on this, we can estimate this,
Speaker 3: and we can estimate that. So it's, you know, whatever
Speaker 3: formula they use, and then they do a seasonal adjustment
Speaker 3: on those numbers as well. But Goldman Sachs and JP
Speaker 3: Morgan has been doing this the last couple of weeks.
Speaker 3: And as I've been pointing out, those numbers are available.
Speaker 3: So why are we waiting on the Bureau of Labor
Speaker 3: Statistics to do this for us? And why isn't it
Speaker 3: mandated that these states get their numbers in properly so
Speaker 3: there aren't these adjustments later on, because if they don't
Speaker 3: get their numbers in, you don't have an accurate information.
Speaker 3: And if the Federal Reserve and all these other people,
Speaker 3: as far as the stock market is concerned, as far
Speaker 3: as businesses are concerned, as far as a reading of
Speaker 3: the economy, if that, if you don't have a complete
Speaker 3: set of data, how can you make the intelligent conclusion?
Speaker 3: And so the fact that these states, you know, they
Speaker 3: take their time getting this stuff in, and as they
Speaker 3: point out here, there's a.
Speaker 4: Couple of states.
Speaker 3: We'll get to it, but my point here is is
Speaker 3: that all of a sudden, this week, after two to
Speaker 3: three weeks of it only being JP Morgan and Goldman's Sacks,
Speaker 3: all of a sudden, City Group and Nationwide jump in here. Now,
Speaker 3: Nationwide and City Group said that the unemployment rate was
Speaker 3: two hundred and thirty two thousand, which is a five
Speaker 3: percent increase. However, Goldman Sacks estimated the number at two
Speaker 3: hundred and twenty seven thousand, which is a three percent increase,
Speaker 3: and Goldman Sacks or I'm sorry, Goldman Sacks was at
Speaker 3: two hundred and twenty seven thousand, a three percent increase.
Speaker 3: JP Morgan put the number at two hundred and twenty
Speaker 3: nine a four percent. So if you're looking at unemployment
Speaker 3: rate and you see two hundred and twenty the previous
Speaker 3: week and see two twenty seven years, thinking, oh, that's
Speaker 3: still in the twenties, not too bad. But because City
Speaker 3: Group and Nationwide came up with their calculations above two
Speaker 3: hundred and thirty thousand, that is what Reuters went with
Speaker 3: weekly jobas claims increase, more people collecting unemployment checks, economists estimate,
Speaker 3: but it do'll say that those are two outliers that
Speaker 3: hadn't even been participating in this over the last couple
Speaker 3: of weeks. Now all of a sudden, they come in
Speaker 3: with a higher number. And that's the number you lead with,
Speaker 3: Not the people that you've been talking about over the
Speaker 3: last couple of weeks that have taken upon themselves to
Speaker 3: report this data. You've got to go with somebody for
Speaker 3: the first time. Unbelievable. The bias by the spoon fed
Speaker 3: regurgitators in the mainstream media is just absolutely incredible. I
Speaker 3: keep pointing it out, keep pointing out how and again
Speaker 3: this goes to my opinion that a lot of these
Speaker 3: spoon fed regurgitators in the mainstream media from day one
Speaker 3: of the Trump administration have been trying to manufacture a recession.
Speaker 3: They're trying to put the idea in people's head that
Speaker 3: things aren't going right in the economy. And day after
Speaker 3: day we talk about these things, and how we point
Speaker 3: to where the asenine predictions that they've come up with
Speaker 3: and the asenine statements that they've made are disproven based
Speaker 3: on the facts that they even present.
Speaker 4: So it's interesting, and you know, I would.
Speaker 3: Love to be on a debate stage with these people
Speaker 3: or at a conference, you know, you know, these roundtable discussions,
Speaker 3: and when they come up with this number, be able
Speaker 3: to say, well, you know, I don't agree with it
Speaker 3: because this, this and this and this, And they say, well,
Speaker 3: your numbers are wrong. I said, well, you know, go
Speaker 3: to your website, because that's where I got your information. Anyway,
Speaker 3: claims data was unavailable for Tennessee, Massachusetts, and Colorado, but
Speaker 3: economists made assumptions for the three states, similar to what
Speaker 3: the Labor Department would normally do when data is not available.
Speaker 3: And again, if this information being so important, and it
Speaker 3: seems that whenever we talk about these numbers, Massachusetts is
Speaker 3: one of the ones that are always the latest, and
Speaker 3: it seems like the North Northeast is always late as well.
Speaker 3: I don't know if you recall, but a lot of
Speaker 3: times when we talk about tonnage coming in from the
Speaker 3: individual ports, we will get the reports from you know,
Speaker 3: the East Coast will get Savannah, we'll get the Charleston area,
Speaker 3: will get the up in Virginia. But then the ports
Speaker 3: of New York and New York and Maine, those numbers
Speaker 3: always come in late. And then when we look at
Speaker 3: the West coast, those numbers always seem to come in
Speaker 3: on time. There's never anything of like, well, the Port
Speaker 3: of Long Ise or the Port of San Diego and
Speaker 3: Los Angeles, those two ports, and then you've got the
Speaker 3: ports up in Washington. Those reports never come in late.
Speaker 3: But it always seems that the Port of New York
Speaker 3: or New Jersey, those always seem to come in late.
Speaker 3: So again there must be something there in the water
Speaker 3: where the people in the Northeast are late, because again
Speaker 3: Massachusetts seems to always be late with their numbers coming
Speaker 3: in on these unemployment numbers. States continue to collect the
Speaker 3: claims figures, submitting them to the Labor Department despite the
Speaker 3: shutdown of US government and has caused economic data blackout.
Speaker 3: Economists have been have taken the unadjusted data to make
Speaker 3: estimates using seasonal adjustment factors and they go into the
Speaker 3: detail and all this the latest state level jobless according
Speaker 3: to this Orin Klatkin, he is a financial market economist
Speaker 3: at Nationwide. The latest state level jobless claims data suggests
Speaker 3: the labor market remains steady and that layoffs have remained low. Interesting,
Speaker 3: the estimated claims have stayed within their pre shutdown range,
Speaker 3: suggesting there's not been a material pick up in layoffs,
Speaker 3: but there have been a spike in applications of federal
Speaker 3: employers in recent weeks or employees rather in recent weeks,
Speaker 3: likely related to the more than one hundred and fifty
Speaker 3: thousand workers who dropped off the payrolls. However, those numbers
Speaker 3: for the federal workers are put in a different category,
Speaker 3: so it doesn't reflect this because these people haven't been
Speaker 3: laid off and they're not being called back. They're merely
Speaker 3: furloughed and when they do come back, they will be
Speaker 3: collecting back pay, so they're not part of these weekly
Speaker 3: jobless numbers, which is a very important point. Let me see,
Speaker 3: the number of people receiving unemployment benefits for initial beyond
Speaker 3: the initial week proxy for hiring has gone up a
Speaker 3: little bit, to let me see, gone up to one
Speaker 3: point nine four to two million, up from one point
Speaker 3: nine to eight million, so not a big raise there.
Speaker 3: Calculations for these so called continuing claims by Goldman, Sachs, JP,
Speaker 3: Morgan and Nationwide were within the ballpark, so those numbers
Speaker 3: are all within the ballpark. It was the initial job
Speaker 3: as claims that there was some discrepancy the elevated, continued
Speaker 3: claims readings suggests unemployed people are experiencing difficulties landing new position,
Speaker 3: jobless rate still holding at four point three percent. Gizella Young,
Speaker 3: an Economists and City Group, said these like this likely
Speaker 3: reflects the low hiring environment, as typically hiring would pick
Speaker 3: up in October for the holiday season. She throws in here,
Speaker 3: some indications suggest holiday hiring may be less than usual
Speaker 3: this year. That's the first time I've heard that number
Speaker 3: or anybody talking about that. A lot of things that
Speaker 3: I've been reading saying that we're looking for a robust
Speaker 3: holiday season. So I don't know where she's getting her data,
Speaker 3: but we'll see who's right. I'm Kevin Gordon, America's truck
Speaker 3: and Network, seven hundred WLW.
Speaker 11: You know what your customers are doing right this second,
Speaker 11: the exact same thing you are listening to me, which,
Speaker 11: let's be honest, is kind of This.
Speaker 3: Is America's Trucking Network, seven hundred WLW.
Speaker 4: I'm Kevin Gordon. I was going to talk a little
Speaker 4: bit about last week.
Speaker 3: We had the numbers coming in for refinancing the rates people.
Speaker 3: It was up eighty one percent higher than it was
Speaker 3: a year ago, and then the next day we got
Speaker 3: indications that there were lower mortgage rates and we had
Speaker 3: some existing home sales. We're not going to have a
Speaker 3: chance to get to that because also last week we
Speaker 3: got inflation data, and so anyway, we'll get to all
Speaker 3: of the tomorrow. But some very good numbers there, I
Speaker 3: might add, But I got such a kick out of
Speaker 3: seeing these reports on the inflation numbers. Okay, the consumer
Speaker 3: price indeck was scheduled to come in.
Speaker 4: Okay, it was.
Speaker 3: It was on the calendar, come in on the fifteenth,
Speaker 3: all right, Today is the twenty eighth. It is thirteen
Speaker 3: days later, maybe two, let's call it two weeks. Okay,
Speaker 3: we'll estimate up, we'll round up. Okay, a lot of
Speaker 3: the stories I kept saying, I kept seeing the much
Speaker 3: delayed consumer price indecks finally came out.
Speaker 4: We're talking thirteen days.
Speaker 3: I mean, you would think when they said the much
Speaker 3: delayed or the numbers finally coming out, you would think
Speaker 3: that you're talking about a month, month and a half,
Speaker 3: six weeks somewhere along those lines. But two weeks, I mean,
Speaker 3: for crying out loud, and remember a couple of weeks ago,
Speaker 3: we were talking about how people were whining about. And
Speaker 3: it's not the consumers, it's the economists, mind you talking
Speaker 3: about and trying to stir up a controversy if you will,
Speaker 3: saying that, well, this is the this is the number
Speaker 3: that's so important for the Social Security cola, the cost
Speaker 3: of living allowance increase. This is the period and if
Speaker 3: that number doesn't come in the delay in terms of
Speaker 3: putting that adjustment into those checks, it may not get there,
Speaker 3: to which I'm saying, Okay, we're talking about October.
Speaker 4: We're talking about October.
Speaker 3: The tenth, where it came out last year, and it
Speaker 3: was scheduled to come in on the fifteenth this year,
Speaker 3: and so they delayed it by a week, week and
Speaker 3: a half, I mean for actually today's the twenty Let
Speaker 3: me back up here a second. It isn't this is
Speaker 3: a week delay because it was supposed to come out
Speaker 3: on the fifteenth and actually came out on the twenty third,
Speaker 3: So we're only talking about eight days there. I'm forgetting
Speaker 3: that we had a weekend in between here, What's wrong
Speaker 3: with me? But anyway, so it was a week delay,
Speaker 3: and they're talking about much delayed numbers. But anyway, they
Speaker 3: were talking a couple of weeks ago about well, if
Speaker 3: this number doesn't get out, then you know they're not
Speaker 3: going to be able to adjust these Social Security checks.
Speaker 3: I'm thinking, you know, we're at the we'll be at
Speaker 3: the end of October. They got all of November, they
Speaker 3: got all of December, and the first checks don't come
Speaker 3: out until January. We're not in the process now where
Speaker 3: we're sitting there with you know, the green eye shades,
Speaker 3: the sleeves rolled up and those little armbands on there,
Speaker 3: people sitting at ledgers and writing in the numbers in
Speaker 3: the little boxes and that type of thing, and then
Speaker 3: that has to go here and go over there. They're
Speaker 3: on computers. They can be adjusted. It should just be
Speaker 3: a mere programming thing that can be done easily. But
Speaker 3: then again, we're talking about the federal government, so maybe
Speaker 3: I'm talking wrong here. But anyway, the number inflation a
Speaker 3: three percent lower than expected. Prices that people pay for
Speaker 3: a variety of goods and services rose less than expected
Speaker 3: in September, according to the Bureau of Labor Statistics. Now,
Speaker 3: the people that were in the Bureau Labor Statistics, they
Speaker 3: had been furloughed and because this cost of living index
Speaker 3: was to be calculated they brought them back in specifically
Speaker 3: to do these numbers. No other data but the cost
Speaker 3: of the Consumer Price Index and then this cost of
Speaker 3: living adjustment for Social Security.
Speaker 4: They brought them back in to do that. So this
Speaker 4: number came out from them.
Speaker 3: Consumer Price Index showed a point three percent increase on
Speaker 3: the month, putting the annual inflation rate at three percent. CONDOMA,
Speaker 3: surveyed by dal Jones, had been looking for readings of
Speaker 3: point four or a three point one percent increase excluding
Speaker 3: food and energy. Course, EPI showed a point two percent
Speaker 3: monthly gained an annual rate at three percent. Now I
Speaker 3: saw a number the other day when this was being
Speaker 3: reported that that number for the month was two point seven.
Speaker 3: So I'm not sure where they're getting that three percent,
Speaker 3: but that's what they put in here. Now they're talking
Speaker 3: about here that some of these adjustments and what they're
Speaker 3: looking at. They break that down in terms of where
Speaker 3: the gains came from. Let me see, the annual rate
Speaker 3: was three percent compared to estimates and so on. I
Speaker 3: love this this guy. I guess this guy thinks he's
Speaker 3: some sort of a well, I don't know, a novelist
Speaker 3: or something like that. So he comes up to this
Speaker 3: phrase John Kirshner, like an oasis slaking the thirst of
Speaker 3: a weary desert traveler. Today's CPI number offered investors the
Speaker 3: first tidbit of information from the barren wasteland of government
Speaker 3: data that has existed since this shutdown October one. All right,
Speaker 3: this was written on the twenty fourth. We're talking twenty
Speaker 3: three days. And he's out in this information desert. He's
Speaker 3: out there in this wasteland. He's waiting for his thirst
Speaker 3: to be slaked, which means quenched. But you know, he
Speaker 3: has to throw this five dollars word in there and
Speaker 3: actually make this analogy as if you know you're out
Speaker 3: in the middle of the desert, you just can't get
Speaker 3: this information. But as we've pointed out, this data is
Speaker 3: available through other sources. What these people are talking about
Speaker 3: is that this data being collected by the federal government.
Speaker 3: Them doing this and then releasing it. All the levers,
Speaker 3: all the switches that they pull, and levers that the
Speaker 3: switches that they switch, and the buttons that they push
Speaker 3: and the levers that they pull, that numbers are all
Speaker 3: available to these people themselves. They can pull this number out,
Speaker 3: Like we looked at Goldman Sachs and JP Morgan. As
Speaker 3: far as the unemployment ombers, A lot of this number
Speaker 3: of this information is already available. They're just waiting on
Speaker 3: it to be spoon fed to them so that they
Speaker 3: can make their economic analysis. God forbid that they do
Speaker 3: a little bit more leg work in order to.
Speaker 4: Do their job.
Speaker 3: But let me see four percent jump in in gasoline prices,
Speaker 3: which I find kind of interesting because if you look
Speaker 3: at the triple A national average of gas prices and
Speaker 3: stuff the month basis, we are looking at numbers that
Speaker 3: are down from the previous month, about eight cents a
Speaker 3: gallon from the previous month, and where they're saying there's
Speaker 3: a four point one percent increase, I'm not.
Speaker 4: Sure that their data is all that correct.
Speaker 3: Food prices saw a point two percent, that's two tenths
Speaker 3: of one percentage point increase, commodity prices and so on. Now,
Speaker 3: what is interesting is that they put in here on
Speaker 3: these on a graph where the actual inflation is coming from,
Speaker 3: and the largest area where inflation is.
Speaker 4: Coming in at is on a year to day basis.
Speaker 3: Okay, overall food at home came in a plus point
Speaker 3: two point seven percent on an annual basis, so less
Speaker 3: than three percent for the entire year. But within those
Speaker 3: coffee is up eighteen point nine percent from last year.
Speaker 3: Now that's not tariffs. That's not something going on here.
Speaker 3: Coffee is purchased from overseas down in Brazil Columbia, those
Speaker 3: areas down there, and because of drought, because of weather,
Speaker 3: because of transportation, because of problems with their government down there,
Speaker 3: some of this stuff isn't being done, so the supply
Speaker 3: is down and therefore the prices are up.
Speaker 4: This is not a result of tariffs.
Speaker 3: This is not a slight amount of having to do
Speaker 3: with terroriffs, but not eighteen point nine percent. It is
Speaker 3: mostly based on because it's an agricultural crop and not
Speaker 3: readily available. The next one on the line fourteen point
Speaker 3: seven percent beef. We've seen that there's drought conditions that
Speaker 3: the herds of the United States as far as cattle
Speaker 3: are down to the levels they were back in nineteen
Speaker 3: fifty one. So this isn't some sort of a tariff
Speaker 3: increase that everybody's been talking about. What it is is
Speaker 3: just again conditions having to do with those particular areas
Speaker 3: where these cattles are are raised, and so when they
Speaker 3: dig into these numbers. It was interesting to see how
Speaker 3: they kind of backed off and they start talking about
Speaker 3: how tariffs really haven't shown up in the numbers, and
Speaker 3: that some of the tariffs that have been put into place.
Speaker 3: We don't have to get a little bit into that tomorrow,
Speaker 3: but where the tariff increases have been coming, they are
Speaker 3: actually these companies are actually sourcing from different countries that
Speaker 3: have lower terraffs and kept that tariff, kept that amount lower.
Speaker 3: One thing I want to do before we get out
Speaker 3: of here, as we're talking about Social Security and that
Speaker 3: what that rate was. Now, we talked about that two
Speaker 3: weeks ago and we talked about how the Social Security
Speaker 3: benefit would be somewhere. People were estimating between two point
Speaker 3: seven and two point eight percent, and so they came
Speaker 3: up so Security two point eight percent COLA for twenty
Speaker 3: twenty six benefit. And they go through how they came
Speaker 3: up with the number, and it's based on the inflation rate.
Speaker 3: What I found interesting as I was looking at this,
Speaker 3: they provided a chart that said what the adjustment for
Speaker 3: Social Security now, the cost of living adjustment for Social
Speaker 3: Security is done based on the inflationment.
Speaker 4: Rate for that particular year.
Speaker 3: In here they mentioned that over the last since twenty fifteen,
Speaker 3: I think it was. I'm seeing no over the last
Speaker 3: twenty year. Social Security COLA twenty years, mind you, has
Speaker 3: been two point six percent. So what we're seeing is
Speaker 3: that the cost of living on a normal basis is
Speaker 3: two point six percent, because that's what the cost of
Speaker 3: living index has been and the cost of living adjustment
Speaker 3: has been. So why is the Federal Reserve so fixated
Speaker 3: on a two percent inflation number? I find that interesting
Speaker 3: that they want during the Trump administration the inflation rate
Speaker 3: down almost a half a percentage point than what the
Speaker 3: average has been over the last twenty years. Isn't that Ama?
Speaker 3: But they're not political, mind you? Well, folks, that doesn't
Speaker 3: for us. Stay tuned for ATI Radio Top of the Hour.
Speaker 3: I'm Kevin Gordon, America's Trucking Network seven hundred WLW.
Speaker 2: News Traffic and Weather.
Speaker 10: News Radio seven hundred WLW, Cincinnati.
Speaker 11: It's the twenty eighth day of the government shutdown, but
Speaker 11: the Top of the Hour reports I'mley Mawen Ranking now