By Shares of industrial and transportation companies experienced a positive start to the week, showing promising growth.
Manufacturing Activity in Chicago Softens
According to data compiled by MNI Indicators, manufacturing activity in the Chicago area continued to weaken in July. However, the rate of decline slowed down compared to previous months. The Chicago Business Barometer, which measures business conditions, increased to 42.8 in July from 41.5 in June. Although this fell slightly below economists’ expectations of 43.3 (according to The Wall Street Journal’s poll), it marked the second consecutive month that the contraction rate has eased.
Yellow Trucking Company Ceases Operations
Yellow, a well-established and prominent U.S. trucking company, unexpectedly shut down on Sunday. The company’s demise was primarily the result of a series of mergers that burdened it with insurmountable debt and left it stuck in a deadlock with the Teamsters union.
Union Informed of Bankruptcy Intention
The Teamsters union, representing workers at Yellow, was notified by the company about its intention to file for bankruptcy. The potential failure of Yellow poses a significant threat to the livelihoods of nearly 30,000 employees, including approximately 22,000 members of the Teamsters union.
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