N.A. surface trade passes $80 billion in August

WASHINGTON, D.C. -- Trade using surface transportation between Canada, the US, and Mexico was 18.3% higher in August than in August 2010, totalling $80.4 billion, according to the Bureau of Transportation Statistics (BTS) of the US Department of Transportation. This was the second time on record that US-NAFTA trade by land modes exceeded $80 billion in one month - the first time was in March.

BTS reported that the value of US surface transportation trade with Canada and Mexico rose 48.2% in August since August 2009 and 11.3% since August 2008.

The value of US surface transportation trade with Canada and Mexico in August increased by 21.2% when compared to August 2006, and also increased by 70.6% when compared to August 2001. Imports in August were up 59.7% since August 2001, while exports were up 84.8%.

The value of US surface transportation trade with Canada and Mexico increased 11.1% in August from July.

US-Canada surface transportation trade increased compared to August 2010 with reaching $47.5 billion, a 19.1% increase.

In August trade by state, Michigan led all states in surface trade with Canada as it has in previous years, at $6.4 billion, a 19.3% increase from August 2010.

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Senate Kills Obama's $60 Billion Infrastructure Plan

Senate Republicans killed legislation backed by President Obama to spend $60 billion on building and repairing roads and other infrastructure.

The vote passed 51-49, short of the 60 votes required under Senate rules to debate the measure.

Opposed by 47 Republicans and one Democrat and Independent, the bill would have provided an immediate $50 billion investment in roads, bridges, rail lines, airports and transit systems.

It also called for a $10 billion “infrastructure bank” to use private and public capital for longer-term projects and would have been financed by a 0.7% surcharge on incomes over $1 million.

Separately, Democrats killed a measure offered by Republicans to extend federal highway funding for two years, by a 53-47 vote.

Federal highway spending authority is scheduled to expire in February.

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Ford Reports $1.6 Billion 3Q Profit

Ford Motor Co. said Wednesday its third-quarter earnings slipped 2% to $1.6 billion.

Earning dipped to 41 cents per share, from 43 cents a year ago, while revenue rose 14% to $33.1 billion, the automaker said.

In the past few week’s Ford’s workers approved a new four-year contract with the United Auto Workers that will increase the company's labor costs by less than 1% per year, the Associated Press reported.

Ford expects to add 5,750 new workers in the U.S. under the contract, but they will make lower wages than its longtime factory workers, AP said.

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Caterpillar's 3Q Profit Tops $1 Billion; Revenue Hits Record

Heavy equipment maker Caterpillar Inc. said Monday its third-quarter profit jumped on higher sales.

Net income was $1.14 billion, or $1.71 per share, up from $792 million, or $1.22, a year ago.

Sales and revenue jumped 41% to of $15.72 billion, an all-time record for the company, Caterpillar said in a statement.

Caterpillar, which formerly made diesel truck engines, said in 2008 it was pulling out of the North American Class 8 truck engine market except for a truck and engine in partnership with Navistar International Corp.

Earlier this month Caterpillar and Navistar said the venture would become a unit of Navistar.

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