THE STATE OF FREIGHT: RAIL AND INTERMODAL
|
|
- Jean Stokes
- 6 years ago
- Views:
Transcription
1 Larry Gross Partner FTR THE STATE OF FREIGHT: RAIL AND INTERMODAL Railtrends Conference Nov 19, 1
2 11/19/15 DISCUSSION OVERVIEW Economic Indicators State of Freight orail Carload ointermodal (with a truck detour) Fearless Forecast 3 ECONOMY 2
3 MANUFACTURING IS STILL (BARELY) POSITIVE ISM MANUFACTURING VS IP MANUFACTURING ISM Manufacturing Index (>50 = Growth) Industrial ProducIon: Manufacturing (2012=100) Source: FTR, ISM, Federal Reserve 5 5 BUSINESSES: STUCK IN THE MUD ORDERS & INVENTORIES Core Capital Goods Orders $75 Inventory- to- Retail Sales RaIo 1.50 $70 $65 $60 $55 $50 $ Source: Census Bureau 6 3
4 CONSTRUCTION: ROOM TO GROW RESIDENTIAL VS. BUSINESS ConstrucIon Spending $700 $600 $500 $400 $300 $ Business Spending back to pre-recession peak, long way to go for Residential Source: FTR, Census Bureau 7 GDP RECOVERY LENGTH 6 Growth In GDP During Recoveries 1961 Beginning Of Recovery = Current Forecast Forecast Length Expressed In Timing of Current Recovery Source: FTR Associates 8 4
5 Rail Carload RAIL CARLOADS HAVE BEEN WEAK SINCE LATE WINTER 12% 1 8% 6% 4% 2% -2% -4% -6% -8% -1-12% N.A. Total Carloads Week Ending 10/31/ Thousands Source: AAR Carloads Vs. Prev. Year Carloads Source: AAR 10 5
6 H2 TO DATE N.A. CARLOADS (EXCL. IM) VERSUS SAME PERIOD 2014 (440) (215) (124) (6) (18) (34) (13) (40) (3) (5) (2) (1) (0) (11) (28) Total Intermodal (Platforms) Other Commodities Other Waste & Scrap Metal Scrap Motor Vehicles & Equip Metals & Metal Products Coke Stone, Clay, Glass Petroleum Products Chemicals Pulp & Paper Lumber & Wood Products Primary Forest Products Food Products Grain Mill Products Non-Metallic Minerals Crushed Stone, Sand, Gravel Coal Metallic Ores Farm Prod. Excl Grain Grain Source: AAR, FTR 11 EXCLUDING SPECIALS (GRAIN, COAL, CRUDE) INDUSTRIAL ECONOMY STILL LOOKS WEAK 12% 1 8% 6% 4% 2% -2% -4% -6% -8% -1 N.A. Total Carloads Week Ending 10/31/ Thousands Source: AAR Carloads Vs. Prev. Year Carloads Source: AAR, FTR 12 6
7 SERVICE RECOVERY IS TAKING HOLD AVERAGE TRAIN SPEED 4 Week Moving Average IM Train Speed - MPH Week Avg. Train Speeds - Total Network Week Average SERVICE RECOVERY IS TAKING HOLD YARD DWELL 4 Week Moving Average IM Train Speed - MPH Week Avg. Yard Dwell - Total Network Week Average
8 TOTAL VOLUME REMAINS WELL BELOW 2006 ALL-TIME PEAK (EVEN WITH IM) Total Carload Trend including IM PlaCorms Year To Date = Total Carloads Total IM PlaCorms Grand Total PLUNGING FUEL SURCHARGE HAS OFFSET INCREASES IN BASE RATES RAIL CARLOAD RATES (Y/Y %) 7% Y/Y % Change 6% 5% 4% 3% 2% 1% -1% -2% -3% Less FSC [Bar] Total Rate [Line] 09/ / / / / / / 06/ 09/ 12/ 03/ / /2016 Source: FTR; Copyright 2014 Data is seasonally adjusted; excludes Intermodal 16 8
9 POSSIBLE SOURCES OF IMPROVEMENT Lumber (Strengthening residenial construcion outlook) Chemicals (Petrochemical investment fueled by low prices late 2016 and beyond? Intermodal Probably not enough to fill the hole. 17 CARLOAD VOLUME WILL SHRINK THIS YEAR AND ONLY GROW A BIT IN 2016 Y/Y % Change Q1 Q2 Q3 Q Q Q2 Carloads 1.4% -6.3% -4.6% -5.8% -1.1% 4.9% Y/Y % Change Excludes Intermodal Carloads 3.2% -3.9% 1.3% Source: FTR Freightcast 18 9
10 11/19/15 Intermodal TRUCK LOADINGS FORECAST Modest freight growth expected going forward 4.2% 3.3% 3. 9% 6% 3% -3% -6% -9% -12% -15% Y/Y Percent Change U.S. Truck Loadings Originated Dry van will be even lower! Source: FTR Trucking Update Report 20 10
11 THE CUMULATIVE EFFECT OF REGULATIONS WILL BE SEVERE Thousands (50) Additional Driver Hires Per Quarter Required By Regulation Electronic Stability Controls Speed Limiters Training Provisions OSHA Worker Protection Minimum Insurance Safe Harbor Entry Proficiency Drug & Alcohol Data Base/Hair testing Prohibition Of Coercion Pattern Of Violation Independent Contractor Rules Safe Food Transportation Motor Carrier Protection Act HOS ELD Health Regulations and Treatment Immigration Effects Mexico Regional Equipment Source: FTR CSA 21 TRUCKING RATES OUTLOOK Source: FTR Shippers Update Report 22 11
12 INTERMODAL HEADLINES DomesIc intermodal faces headwinds InternaIonal returns to normal Import diversion coninues Service recovery begins to take hold Overcapacity crisis on the water 23 VOLUME HAS STABILIZED SINCE THE END OF THE USWC MELTDOWN Total Intermodal: Rev. Moves - Actual (000's) Total (Left Axis) International (Right Axis) Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Sources: GTC, FTR, IANA; Copyright Domestic (Right Axis) Sources: IANA ETSO, GTC, FTR Copyright 24 12
13 INTERMODAL GROWTH HAS SLOWED 15% 1 Total Intermodal: Year/Year % Change Total +3.2% YTD (Left Axis) 5% -5% Domestic +3.3% YTD (Right Axis) -1-15% Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Sources: GTC, FTR, IANA; Copyright International +3.2% YTD (Right Axis) Sources: IANA ETSO, GTC, FTR Copyright 25 SEASONAL ADJUSTMENTS SHOW DOMESTIC NOT GROWING Seasonally Adjusted Rev. Moves (000) International (Right Axis) Domestic (Right Axis) Total (Left Axis) Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Sources: GTC, FTR, IANA; Copyright Current 12 Months Sources: IANA ETSO, GTC, FTR Copyright 26 13
14 OCTOBER WAS SEASONALLY NORMAL FOR DOMESTIC BUT NOT INT L Seasonality - International - 12% October Volume % vs. Average Month 1 8% 6% 4% 2% 6.6% 1.9% Volume % vs. Average Month Seasonality - Domestic - 16% October 14% 10.3% 12% % 8% 6% 4% 2% Source: AAR 27 INTERMODAL SERVICE IS IMPROVING 4 Week Moving Average IM Train Speed - MPH Week Avg. Intermodal Train Speeds - Total Network Week Average
15 NORTH AMERICAN IMPORTS ARE UP EXPORTS ARE NOT 35% 3 25% 2 15% 1 5% -5% -1-15% Summary: N.A. Port Activity - Y/Y Change Total Imports Exports Seasonally Adjusted N.A. Imports TEUs 5 2, Source s: FTR, GTC, Oct '14 Nov '14 Dec '14 Jan '15 Feb '15 Mar '15 Apr '15 May '15 Jun '15 Jul '15 Aug '15 Sep '15 Month/Month Change Seasonally Adjusted Imports 2,000 1,800 1,600 1,400 1,200 1,000 Sources: Port Reports, FTR 29 INTERMODAL CONTINUES TO GAIN MARKET SHARE OF U.S. LONG-HAUL DRY VAN % % % % 7. U.S. Intermodal Market Share Domestic % % % % 7. U.S. Intermodal Market Share International Sources: GTC, FTR, IANA ETSO Data Sources: GTC, FTR, ETSO Report 30 15
16 DOMESTIC STILL IS FACING A NUMBER OF HEADWINDS Slowing growth in demand for long- haul dry van transport Ample truck capacity available for now Lower fuel prices erode intermodal cost advantage 31 ISSUES ABOUND ON THE OCEAN SubstanIal over- capacity due to overbuilding Ø Lower prices but lower service reliability due to blanked voyages Port congesion coninues Some progress on chassis front but sill problemaic Panama Canal expansion schedule sill a quesion No ILA Contract will be signed this year Port cartage under stress Ø Independent contractor model is under threat Ø Port congesion issues causing producivity loss Ø Driver availability/cost a big concern 32 16
17 RAIL INTERMODAL RATES 8% Rate Outlook: Intermodal 6% Y/Y % Change 4% 2% - 2% - 4% - 6% Rev/Load (w/o FSC) Rev/Load (w/ FSC) 09/ /2013 Source: FTR; Copyright 03/ / / / / 06/ 09/ 12/ 03/ / /2016 Source: FTR Intermodal Update Report 33 INTERMODAL GROWTH IS PROJECTED TO CONTINUE, BUT AT A SLOWER PACE Y/Y % Change Q1 Q2 Q3 Q Q Q2 International 0.6% 6.8% % -1.2% Domestic 5.6% 2.2% 2.7% 2.9% 2.8% 3.5% Total 3.1% 4.5% 3.4% 4.4% 6.3% 1. Y/Y % Change International 4.4% 4.4% 4.3% 4.7% Domestic 5.1% 3.3% 3.6% 6.6% Total 4.8% 3.9% 3.9% 5.6% Source: FTR Freightcast 34 17
18 FTR Transportation Conference September 13-15, 2016 Indianapolis, IN Hand me a business card and I will be happy to send you a copy of this presentation Or download at 35 Stay Connected Blog: blog.ftrintel.com FTRintel.com/SOFTODAY Stay in Contact ftr@ftrintel.com
19 Thanks! Larry Gross Partner FTR THE STATE OF FREIGHT: RAIL AND INTERMODAL Railtrends Conference Nov 19, 19
SAMPLE. A Review of Rail Traffic Trends & Key Economic Indicators Shaping Demand for Rail Transportation
A Review of Rail Traffic Trends & Key Economic Indicators Shaping Demand for Rail Transportation October 7, 2016 Copyright 2016 by the Association of American Railroads. Rail Time Indicators is issued
More informationGuidance in Uncertain Times. Alex Chausovsky Senior Analyst
Guidance in Uncertain Times Alex Chausovsky Senior Analyst 1 216 Forecast Results 2 Duration Accuracy US GDP 15 99.1% US Ind. Prod. 1 99.9% Eur Ind. Prod. 15 99.2% CanadaInd Prod 15 99.6% China Ind Prod
More informationEconomic Update German American Chamber of Commerce
Economic Update German American Chamber of Commerce Federal Reserve Bank of Chicago October 6, 2015 Paul Traub Senior Business Economist U.S. Real GDP Billions Chained $2009, % Change Q/Q at SAAR $ Billions
More informationEconomic Outlook C.F.A. West Michigan Society Luncheon
Economic Outlook C.F.A. West Michigan Society Luncheon Federal Reserve Bank of Chicago Detroit Branch May 22, 2012 Paul Traub Overview Economy - GDP The U.S. Consumer Home Prices Inflation Employment U.S.
More informationFISCAL REALITY. Alan Beaulieu, President, ITR Economics
FISCAL REALITY Alan Beaulieu, President, ITR Economics Alan s presentations cover a wide variety of topics including short- and long-term global economic forecasts, regional economic updates, an outlook
More informationOctober Machinery Orders
Japan's Economy 13 December 2017 (No. of pages: 6) October Machinery Orders Manufacturing industry shows strong growth trend Japanese report: 13 Dec 2017 Economic Research Dept. Kazuma Maeda Shunsuke Kobayashi
More informationHouston Economic Outlook. Patrick Jankowski
Houston Economic Outlook Patrick Jankowski www.houston.org Follow me on Twitter @pnjankowski May 22 10:30 a.m. Hilton Post Oak It s not Christmas but... 5 It s not Christmas but... Population Estimates
More informationHouston Economic Outlook. Prepared by Patrick Jankowski SVP Research
Houston Economic Outlook Prepared by Patrick Jankowski SVP Research Longest U.S. Expansions Tech Boom '91 - '01 120 Current Boom June '09 to Present 114 60s Boom '61 - '69 Reagan Years '82 - '90 92 106
More informationFirst Quarter 2015 Results
April 23, 2015 First Quarter 2015 Earnings Release Lance Fritz President & CEO 1 First Quarter 2015 Results Earnings Per Share First Quarter $1.02 $1.19 +9% $1.30 2013 2014 2015 Positives Operating Income
More information2014 Forecast Results
214 Forecast Results Duration Forecast Result* Accuracy US GDP 15 $16.98 Trillion $16.345 Trillion 98.5% US Ind. Prod. 13 11.5 (12MMA) 14.2 97.3% EU Ind. Prod. 14 1.6 (12MMA) 11.6 99.% Canada Ind Prod
More information9 th Annual Norfolk Southern Short Line Marketing Meeting
9 th Annual Norfolk Southern Short Line Marketing Meeting July 12, 2010 Donald W. Seale Executive Vice President and Chief Marketing Officer Economic Overview (AKA) Hopes Wishes Aspirations Guesses The
More informationHouston Economic Overview Presented by Patrick Jankowski, SVP Research Greater Houston Partnership
Houston Economic Overview Presented by Patrick Jankowski, SVP Research Greater Houston Partnership Order of the Day Order of the Day Rig count fell 80% Oil prices dropped 75% Energy layoffs spiked Office
More informationThe Vision Council Winds of Change
The Vision Council Winds of Change Brian Beaulieu CEO Preliminary 217 Forecast Results If you heard ITR a year ago 2 Duration Accuracy US GDP (data through Sep) 24 98.5% US Ind. Prod. (Dec) 24 96.8% Eur
More informationUrban Land Institute A Bend in the Road
Urban Land Institute A Bend in the Road Brian Beaulieu CEO 216 Forecast Results 2 Duration Accuracy US GDP 15 99.1% US Ind. Prod. 1 99.9% Eur Ind. Prod. 15 99.2% Canada Ind Prod 15 99.6% China Ind Prod
More informationLight Vehicle Sales Are We at a Turning Point?
Light Vehicle Sales Are We at a Turning Point? Federal Reserve Bank of Chicago June 3, 2016 Paul Traub Senior Business Economist Overview U.S. Economy (C + I + G + Nx) U.S. Consumer Ability and Willingness
More informationEconomic Outlook. William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago
Economic Outlook Illinois Public Pension Fund Association Hoffman Estates, IL February 16, 217 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago GDP expanded by 1.9%
More informationFirst Quarter 2018 Results
April 26, 2018 First Quarter 2018 Earnings Release Lance Fritz Chairman, President & CEO 1 First Quarter 2018 Results Earnings Per Share First Quarter Operating Ratio First Quarter $1.32 +27% $1.68-0.6
More informationFederal Reserve Bank of Chicago 22 nd Annual Economic Outlook Symposium. Automotive Outlook. Will Shearin December 5, 2008
Federal Reserve Bank of Chicago 22 nd Annual Economic Outlook Symposium Automotive Outlook Will Shearin December 5, 2008 Ability to Buy Leading Indicators Nov 07 Nov 08 Disposable Income Green Red Household
More informationIndustrial Supply Association Winds of Change
Industrial Supply Association Winds of Change Dr. Alan Beaulieu President 217 Forecast Results If you heard ITR around two years ago 2 Duration Accuracy US GDP 24 99.7% US Ind. Prod. 24 96.8% Europe Ind.
More informationFor Every Action There is An Equal and Opposite Reaction Newton Was an Economist - The Outlook for Real Estate and the Economy
For Every Action There is An Equal and Opposite Reaction Newton Was an Economist - The Outlook for Real Estate and the Economy Ted C. Jones, PhD Chief Economist Twitter #DrTCJ Mega Themes More Jobs Than
More informationReal Estate Forecast 2015
Real Estate Forecast 2015 No Place But Up Interest Rates Rents Prices Real Estate and the Economy Ted C. Jones, PhD Chief Economist Stewart Title Guaranty Company Thank Heavens for Global Warming Think
More information2016 Market Update. Gary Keller and Jay Papasan Keller Williams Realty, Inc.
2016 Market Update Gary Keller and Jay Papasan Housing Market Cycles 1. Home Sales The Numbers That Drive U.S. 2. Home Price 3. Months Supply of Inventory 4. Mortgage Rates Real Estate 1. Home Sales Nationally
More informationEconomic Update Birmingham Bloomfield Chamber Breakfast
Economic Update Birmingham Bloomfield Chamber Breakfast Federal Reserve Bank of Chicago February 2, 2016 Paul Traub Senior Business Economist Overview U.S. Economy (C + I + G + Nx) U.S. Consumer Monetary
More informationUrban Land Institute. November Make Your Move. Brian Beaulieu ITR Economics.
Urban Land Institute November 212 Make Your Move Brian Beaulieu ITR Economics Results for 211 2 Duration Forecast Actual GDP 18 $13.525 $13.332 (-1.4%) US Ind Prod. 11 93.1 (12MMA) 93.8 (.8%) EU Ind. Prod.
More informationEconomic and Housing Market Trends and Outlook
Economic and Housing Market Trends and Outlook Lawrence Yun, Ph.D. Chief Economist NATIONAL ASSOCIATION OF REALTORS Presentation to Memphis Area Association of REALTORS Memphis, TN April 2, 213 Forecast
More informationASIA SHIPPING OUTLOOK
OCTOBER 2016 ASIA SHIPPING OUTLOOK TPM Asia 2016 Mario O. Moreno, Senior Economist, IHS Maritime & Trade +1 973 776 7850 Mario.Moreno@ihsmarkit.com Agenda Asia Shipping Outlook / October 2016 Asia US trade
More informationThird Quarter 2017 Results
October 26, 2017 Third Quarter 2017 Earnings Release Lance Fritz Chairman, President & CEO 1 Third Quarter 2017 Results Earnings Per Share Third Quarter Operating Ratio Third Quarter $1.36 +10% $1.50 62.1
More informationEconomic Update Baker College - Flint
Economic Update Baker College - Flint Federal Reserve Bank of Chicago January 10, 2017 Paul Traub Senior Business Economist Main Economic Indicators Year-over-year Comparison Actual 2014 2015 2016 GDP
More informationHydraulic Institute Annual Conference A Good Year Ahead
Hydraulic Institute Annual Conference A Good Year Ahead Dr. Alan Beaulieu President Preliminary 216 Forecast Results 2 Duration Accuracy US GDP 15 99.5% US Ind. Prod. 1 99.8% Eur Ind. Prod. 15 99.2% Canada
More informationTHE ELECTION, SMALL BUSINESS, AND THE ECONOMY
THE ELECTION, SMALL BUSINESS, AND THE ECONOMY WILLIAM DUNKELBERG CHIEF ECONOMIST, NFIB TWO WAYS OUT, NEITHER DESIRABLE INDEX OF CONSUMER SENTIMENT QUARTERLY APRIL 110 100 Index Value 90 80 70 60
More informationAll King County Summary Report
September, 2016 MTD MARKET UPDATE Data Current Through: September, 2016 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Active, Pending, & Months Supply of Inventory 15,438 14,537 6.6 6.7
More informationMarine Leadership Alliance Winds of Change
Marine Leadership Alliance Winds of Change Connor Lokar Economist 217 Forecast Results If you heard ITR around two years ago 2 Duration Accuracy US GDP 24 99.7% US Ind. Prod. 24 96.8% Europe Ind. Prod.
More informationHouston Economic Outlook. Patrick Jankowski
Houston Economic Outlook Patrick Jankowski Houston s Economic Drivers U.S. Economic Growth Global Trade Outlook for Energy U.S. Economic Growth 3 Gross Domestic Product Seasonally Adjusted Annual Growth
More informationCEMA Marc Mar h c 2013 Alan Alan Beaulieu ITR E c E onomics ITR Economics
CEMA March 213 Make Your Move: 213-214214 Alan Beaulieu ITR Economics 212 Forecast Results 2 Duration Forecast GDP 12 $13.593 Actuals $13.593 Trillion $13.648 $13.648.4% US Ind. Prod. 31 97.2 (12MMA) 97.2.%
More informationHouston Economy Update. Patrick Jankowski
Houston Economy Update Patrick Jankowski Worst is over 2 $ Per Barrel NYMEX WTI Spot Price 120 100 80 Avg. Last Week of Oct = $49/barrel 60 40 20 0 Jun '14 Dec '14 Jun '15 Dec '15 Jun '16 Dec '16 Source:
More informationEconomic Update. Automotive Insights Conference. Paul Traub. Federal Reserve Bank of Chicago January 18, Senior Business Economist
Economic Update Automotive Insights Conference Federal Reserve Bank of Chicago January 18, 2018 Paul Traub Senior Business Economist Main Economic Indicators Year-over-year Comparison 2015 2016 2017 GDP
More informationSeattle (NWMLS Areas: 140, 380, 385, 390, 700, 701, 705, 710) Summary
September, 2016 MTD MARKET UPDATE Data Current Through: September, 2016 (NWMLS Areas: 140, 380, 385, 390,, 701, 705, 710) Summary Active, Pending, & Months Supply of Inventory 5,000 4,500 4,000 3,500 4,091
More informationSeattle (NWMLS Areas: 140, 380, 385, 390, 700, 701, 705, 710) Summary
October, 2016 MTD MARKET UPDATE Data Current Through: October, 2016 (NWMLS Areas: 140, 380, 385, 390,, 701, 705, 710) Summary Active, Pending, & Months Supply of Inventory 4,500 4,000 3,500 4,197 4,128
More informationBusiness Result for the Second Quarter ended September 30, 2017 Regional Market Environments and Projections
Business Result for the Second Quarter ended September 3, 217 Regional Market Environments and Projections October 2, 217 Hitachi Construction Machinery Co., Ltd. Executive Vice President and Executive
More informationReal Estate Forecast 2017
Real Estate Forecast 2017 Twitter @DrTCJ Non-Renewals - Dead on Arrival Mortgage Insurance Deductibility Residential Mortgage Debt Forgiveness Residential Energy Savings Renewables Wind and Solar ObamaCare
More informationSeattle (NWMLS Areas: 140, 380, 385, 390, 700, 701, 705, 710) Summary
November, 2016 MTD MARKET UPDATE Data Current Through: November, 2016 (NWMLS Areas: 140, 380, 385, 390,, 701, 705, 710) Summary 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Active, Pending, & Months
More informationEconomic Performance and Outlook
1/14/211 From Recovery to Expansion: How and When The U.S. and Washington Area Economic Performance and Outlook Stephen S. Fuller, PhD Dwight Sh Schar Faculty Chair and University it Professor Director,
More informationForging Industry Association
Forging Industry Association Alan s TEC Generic Prosperity in the Age of Decline Brian Beaulieu CEO 213 Forecast Results 2 Duration Forecast Actuals Accuracy US GDP 12 $15.818 Trillion $15.966 Dec 99.3%
More informationNorth American Wholesale Lumber Association Winds of Change
Alex Chausovsky Senior Consulting Advisor North American Wholesale Lumber Association Winds of Change 217 Forecast Results If you heard ITR around two years ago 2 Duration Accuracy US GDP 24 99.7% US Ind.
More informationConsensus Outlook 2018 and 2019
Consensus Outlook 218 and 219 Twenty-fourth Annual Automotive Outlook Symposium June 2, 217 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago The views expressed herein
More informationKaufman Brothers 13 th Annual Investor Conference
Kaufman Brothers 13 th Annual Investor Conference Craig DeYoung, VP Investor Relations New York, New York September 14, 21 / Slide 1 Safe Harbor "Safe Harbor" Statement under the US Private Securities
More informationIs the U.S. Losing Its Manufacturing Base?
Is the U.S. Losing Its Manufacturing Base? Rocky Mountain Economic Summit Afton, WY July 10, 2014 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago 2 The Setup Manufacturing
More informationToday s Vision Tomorrow s Reality. Brian Beaulieu CEO
Canadian Institute of Plumbing and Heating Today s Vision Tomorrow s Reality Brian Beaulieu CEO 215 Forecast Results 2 Duration 215 Forecast Result Accuracy US GDP 18 $16.632 Trillion $16.442 Trillion
More informationBB&T Annual Transportation Conference February 10, James A. Squires Executive Vice President Finance and Chief Financial Officer
BB&T Annual Transportation Conference February 10, 2010 James A. Squires Executive Vice President Finance and Chief Financial Officer Overview 2009 Financial Results Markets and Outlook 2010 Capital Expenditures
More informationDonald W. Seale Executive Vice President and Chief Marketing Officer
Third Quarter 2010 Results Donald W. Seale Executive Vice President and Chief Marketing Officer Railway Operating Revenue Third Quarter 2010 vs. 2009 3Q 2010 Revenue in $ Millions & Year-over-Year % Change
More informationWinds of Change. Alex Chausovsky Senior Consulting Advisor
Winds of Change Alex Chausovsky Senior Consulting Advisor 217 Forecast Results If you heard ITR around two years ago 2 Duration Accuracy US GDP 24 99.7% US Ind. Prod. 24 96.8% Europe Ind. Prod. 27 99.9%
More informationEconomic Update Birmingham Bloomfield Chamber
Economic Update Birmingham Bloomfield Chamber Paul Traub Senior Business Economist Federal Reserve Bank of Chicago/Detroit Branch January 11, 2019 The views expressed here are our own and do not necessarily
More informationThe Outlook for the U.S. Economy
The Outlook for the U.S. Economy John V. Duca Associate Director of Research and Vice President Federal Reserve Bank of Dallas Danforth/Lewis Professor of Economics Oberlin College January 2018 The views
More informationThe Economic Outlook. Dr. George Mokrzan Director of Economics. November 9, 2017
The Economic Outlook Dr. George Mokrzan Director of Economics November 9, 217 The Economic Outlook for the Nation The U.S. economy (real GDP) is forecasted to grow at a moderate pace of 2.3% in 218, close
More informationHistory May Not Repeat Itself, But it Certainly Does Rhyme* *Mark Twain. An Economic and Real Estate Forecast. Chief Economist, Stewart Title
History May Not Repeat Itself, But it Certainly Does Rhyme* *Mark Twain An Economic and Real Estate Forecast November 5, 2010 Ted C. Jones, PhD Chief Economist, Stewart Title http://blog.stewart.com/ The
More informationStatistical Release Gross Domestic Product First Quarter 2012
Statistical Release Gross Domestic Product First Quarter 2012 1.0 Economic performance Provisional estimates for the first quarter of 2012 show that the economy exped by 3.5 per cent over a similar quarter
More informationNMOSE GPCD CALCULATOR
NMOSE CALCULATOR It should be noted that all the recorded data should be from actual metered results and should not include any estimates. Gallons per Capita - v2.4 Beta Release Date: Mar, 16, 29 This
More informationBusiness Result for the First Quarter ended June 30, 2018 Regional Market Environments and Projections
Business Result for the First Quarter ended June 3, 218 Regional Market Environments and Projections July 2, 218 Masafumi Senzaki Executive Officer President, Marketing Div. Hitachi Construction Machinery
More informationECONOMIC OUTLOOK SECOND-LONGEST US EXPANSION IN HISTORY, CAN IT SET A RECORD?
ECONOMIC OUTLOOK SECOND-LONGEST US EXPANSION IN HISTORY, CAN IT SET A RECORD? Augustine Faucher Chief Economist Florida School Finance Officers Association Hyatt Regency Jacksonville June 15, 2018 Gus
More informationPetroleum Equipment Institute. A Bend in the Road. Brian Beaulieu CEO. First in Forecasts Since 1948
Petroleum Equipment Institute A Bend in the Road Brian Beaulieu CEO 217 Forecast Results If you heard ITR around two years ago 2 Duration Accuracy US GDP 24 99.7% US Ind. Prod. 24 96.8% Europe Ind. Prod.
More informationQuarterly Sales (in millions) FY 16 FY 15 FY 14 Q1 $706.8 $731.1 $678.5 Q Q Q
The following represents historical unaudited financial and statistical information regarding MSC s operations. MSC does not undertake any obligation to update any of the information presented below to
More informationUBS Global Technology and Services Conference New York City. Craig DeYoung VP, Investor Relations & Corporate Communications
UBS Global Technology and Services Conference New York City Craig DeYoung VP, Investor Relations & Corporate Communications June 9, 2009 / Slide 1 Safe Harbor "Safe Harbor" Statement under the US Private
More informationConsensus Outlook
Consensus Outlook - 219 Thirty-second Annual Economic Outlook Symposium November 3, 218 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago The views expressed herein
More informationConsensus Outlook
Consensus Outlook - 218 Thirty-first Annual Economic Outlook Symposium December 1, 217 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago The views expressed herein are
More informationNo Place But Up Interest Rates Rents, Prices Real Estate and the Economy
No Place But Up Interest Rates Rents, Prices Real Estate and the Economy But Not Oil Ted C. Jones, PhD Chief Economist Stewart Title Guaranty Company Mega Themes More Jobs Than Ever in History Retail Boom
More informationRailTrends. UP Volume. November 21, Brad Thrasher, VP & General Manager Industrial Products thru October vs YTD Carloadings
RailTrends November 21, 2014 Brad Thrasher, VP & General Manager Industrial Products 1 UP Volume 2014 thru October 2014 vs. 2013 YTD Carloadings 7-Day Carloadings Agricultural 13% 210 200 Industrial 11%
More informationNigerian Telecommunications (Services) Sector Report Q3 2016
Nigerian Telecommunications (Services) Sector Report Q3 2016 24 NOVEMBER 2016 Telecommunications Data The telecommunications data used in this report were obtained from the National Bureau of Statistics
More informationApp Economy Market analysis for Economic Development
App Economy Market analysis for Economic Development Mustapha Hamza, ISET Com Director mustapha.hamza@isetcom.tn ITU Arab Forum on Future Networks: "Broadband Networks in the Era of App Economy", Tunis
More informationSales Drop, Inventories Fell, Prices Climb
1 Economics.. -. - Sales (Millions of Units) -1. Sep-1 Dec-1 Mar-1 Jun-1 Sep-1 Dec-1 Mar-1 Jun-1 Sep-1.. Millions of Units Consensus *: Actual: * from Bloomberg. Record High:.2 mln (/) Percent Change from
More informationFIRST QUARTER 2018 CHARLOTTE-MECKLENBURG GROWTH REPORT
FOURTH QUARTER HIGHLIGHTS FIRST QUARTER 2018 CHARLOTTE-MECKLENBURG GROWTH REPORT Professional Services and Manufacturing Highlight a Steady First Quarter Charlotte was ranked the No. 3 Metro Area for growth
More information2017 Container Shipping Outlook A look at the demand drivers in the midst of political and policy uncertainties
2017 Container Shipping Outlook A look at the demand drivers in the midst of political and policy uncertainties Long Beach, February 27, 2017 Mario.Moreno@ihsmarkit.com Agenda US containerized imports
More informationIs Something Wrong with Texas Home Prices?
Is Something Wrong with Texas Home Prices? Finding Shelter: Affordability Squeeze in a Tight Texas Housing Market Dallas Federal Reserve February 23, 2018 Constrained supply plus strong demand = accelerated
More informationConférence Logiciels et Services Informatiques. Nicolas Dufourcq, CFO Ixis Securities, November 16th, 2005
Conférence Logiciels et Services Informatiques Nicolas Dufourcq, CFO Ixis Securities, November 16th, 2005 Agenda Third Quarter 2005 Revenues 1 Q3 revenue North American Project and Consulting update Outsourcing
More informationAppendices Charts & Tables
Financial Crisis Inquiry Commission Hearing September 8, 2010 Las Vegas, NV Appendices Charts & Tables Financial Crisis Inquiry Commission 1 Selected National Comparisons Financial Crisis Inquiry Commission
More informationNigerian Telecommunications (Services) Sector Report Q2 2016
Nigerian Telecommunications (Services) Sector Report Q2 2016 01 SEPTEMBER 2016 Telecommunications Data The telecommunications data used in this report were obtained from the National Bureau of Statistics
More informationNigerian Telecommunications Sector
Nigerian Telecommunications Sector SUMMARY REPORT: Q4 and full year 2015 NATIONAL BUREAU OF STATISTICS 26th April 2016 Telecommunications Data The telecommunications data used in this report were obtained
More informationRussian Gas: Challenges Ahead on the Domestic Front, Platts European Gas Summit, September 20th 2013
Russian Gas: Challenges Ahead on the Domestic Front, Platts European Gas Summit, September 2th 213 Vladimir Drebentsov Vice President, BP Russia, Head of Russia and CIS Economics, BP plc Production and
More informationEconomic Outlook. William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago
Economic Outlook Midwest Association of Rail Shippers Lombard, IL January 13, 216 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago The Great Recession ended in June
More informationAutomotive Outlook. William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago
Automotive Outlook Georgia State University Economic Forecasting Center Atlanta, GA August 23, 2017 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago Brief Macro Assessment
More informationMartin Purvis CEO. Presentation following the AGM. 26 April 2012
Martin Purvis CEO Presentation following the AGM 26 April 212 IMPORTANT NOTICE Nothing in this presentation constitutes an offer of securities for sale. This presentation contains certain forward-looking
More information76 Million Boomers. 83 Million Millennials 19 to Million Millennials 16 to 35
76 Million Boomers 83 Million Millennials 19 to 35 91 Million Millennials 16 to 35 Top Millennial Population Growth Markets 2005 to 2015 12-Month Population Job Rank City, State Growth Growth 1 Charlotte,
More informationSingle Family Months of Inventory. Condo Months of Inventory. May calgary regional housing market statistics
May 211 calgary regional housing market statistics INNER CITY HOUSING MARKET LEADS IN SALES Buyers find value in inner city communities Total Single Family Months of Inventory Calgary, June 1, 211 According
More informationTed C. Jones, PhD Chief Economist
Ted C. Jones, PhD Chief Economist Hurricanes U.S. Jobs Jobs (Millions) Seasonally Adjusted 150 145 140 135 130 1.41% Prior 12 Months 2.05 Million Net New Jobs in Past 12-Months 125 '07 '08 '09 '10 '11
More informationKenya at the tipping Point?
Kenya at the tipping Point? with a special focus on the ICT revolution and Mobile Money World Bank Economic Team Presentation by Jane Kiringai Nairobi December 2, 2010 Main messages 1 2 Kenya may now be
More informationFreedom of Information Act 2000 reference number RFI
P. Norris By email to: xxxxxxxxxxxxxxxxxxxxxx@xxxxxxxxxxxxxx.xxm 02 November 2011 Dear P. Norris Freedom of Information Act 2000 reference number RFI20111218 Thank you for your request under the Freedom
More informationPiper Jaffray Europe Conference London
Piper Jaffray Europe Conference London Franki D Hoore Director Investor Relations June 22, 2010 / Slide 1 Safe Harbor "Safe Harbor" Statement under the US Private Securities Litigation Reform Act of 1995:
More informationTed C. Jones Chief Economist. Ted C. Jones, PhD Chief Economist
Ted C. Jones Chief Economist Ted C. Jones, PhD Chief Economist When Getting On An Airplane, the Person On the Aisle Always Gets There First Things Change Jobs are Everything Period U.S. Jobs Jobs (Millions)
More informationFMCG MONITOR. An integrated view of Indonesia FMCG market. Oct #Data up to P Kantar Worldpanel
FMCG MONITOR An integrated view of Indonesia FMCG market Oct 2013 #Data up to P10 2013 1 executive SUMMARY 1 Indonesia's gross domestic product (GDP) expanded 5.62 percent in the third quarter of 2013
More informationBroadband Rate Design for Public Benefit
Broadband Rate Design for Public Benefit The transition from service-based rates to loop rates on Chelan PUD s Broadband Network Dec.19, 2016 No action required today Today s Presentation Loop Rates Final
More informationDRAM Market Outlook: Worldwide Change in DRAM Underway as Capacitor Scaling Reaches Limit (Based on May MI Update / 2Q14 Diamond)
2014-15 DRAM Market Outlook: Worldwide Change in DRAM Underway as Capacitor Scaling Reaches Limit (Based on May MI Update / 2Q14 Diamond) DRAMeXchange Memory & Storage Division Jun. 5th, 2014 Agenda Supply
More informationTCL International Holdings Limited FY2000 Review & Outlook
TCL International Holdings Limited FY2000 Review & Outlook Mr. Vincent Yan, Executive Director March 2001 Agenda Company Background FY2000 Overview PRC Economic Outlook Home Appliances IT Business Corporate
More informationMidwest Association of Rail Shippers Winter Meeting: A New Age of Railroading
Midwest Association of Rail Shippers Winter Meeting: A New Age of Railroading Jack Hellmann, Chairman and CEO January 16, 2019 Genesee & Wyoming Inc. 1 Forward Looking Statements This presentation contains
More informationBaird Family Wealth Group
Baird Family Wealth Group Presents: Brian Beaulieu September 7, 216 www.bairdfamilywealthgroup.com Milwaukee 777 East Wisconsin Avenue Milwaukee, WI 5322 414-765-792 Dallas 595 Berkshire Lane Dallas, TX
More informationFMCG MONITOR JULY & Q2. An integrated view of Indonesia FMCG market. Kantar Worldpanel
FMCG MONITOR An integrated view of Indonesia FMCG market JULY & Q2 206 EXECUTIVE SUMMARY Q MARKET UPDATE Consumers slowly started to spend more FMCG products as value and volume sales increased in July
More informationPresentation title goes here
Financial Review Presentation title goes here Fritz Joussen Chief Operating Officer, Vodafone Germany Vodafone Germany Investor & Analyst Day 14 07 2005 1 Agenda Market Overview Commercial Strategy Financial
More informationOil Prices Outlook 2Q18
2Q18 June, 218 United States Key Messages 1. The geopolitical premium marked the evolution of oil prices in 2Q18 2. OPEC may decide to boost production to compensate the shortfall left by Iran and Venezuela
More informationCompany Snapshot. $ million $2.46 billion 39% 52% $418.5 million
Safe Harbor This presentation contains statements of a forward-looking nature. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. You
More informationU.S. Oil & Gas Industry Chartbook
U.S. Oil & Gas Industry Chartbook BBVA Research USA Houston, TX March 215 DISCLAIMER This document was prepared by Banco Bilbao Vizcaya (BBVA) BBVA Research U.S. on behalf of itself and its affiliated
More informationDBMS Software Market Forecast, (Executive Summary) Executive Summary
DBMS Software Market Forecast, 2003-2007 (Executive Summary) Executive Summary Publication Date: 4 September 2003 Author Colleen Graham This document has been published to the following Marketplace codes:
More informationDATA FOR DEVELOPMENT June 13, 2017
DATA FOR DEVELOPMENT June 13, 2017 1 Recent economic developments and outlook 2 Data for development Malaysia s development and its data ecosystem o Data and the public sector- public service delivery
More information