Author: Admin

 Cloud Theory, the real-time automotive data insights provider for automotive manufacturers, agencies, and affiliates is reporting in June’s On The Horizon report that new vehicle movement hit 1.2 million for the first time since May 2021. While June numbers are expected to fall back slightly, the industry continues to show strength through its sales trajectory over the past several months.

This growth is largely being driven by continued momentum in new vehicle inventory, which grew 2.8% MoM in May and now sits at 2.89 million.

Turn rates remained in their recent narrow range at 40%, and that metric has been in the high 30s to low 40s since November 2023. New vehicle marketed prices, which had been declining since July 2023, ticked up for the second straight month and rose above the long-term trendline.

“The flat turn rate trend indicates that gains in movement are the result of increased supply rather than from higher sales efficiency,” said Rick Wainschel, Vice President of Data Science & Analytics at Cloud Theory. “More supply means more competition for OEMs, and the recent ramp-up in incentives levels will need to continue in order to maintain the recent industry momentum.”

Toyota Motor Corporation asserted its dominance in terms of Inventory Efficiency Index, with Toyota and Lexus in the top two spots nationally and in 7 of the 9 regions.  However, the way those two brands demonstrated that strength differed in May. Toyota’s vehicle movement increased slightly (+1% MoM) even though its average inventory position degraded by 8%. Lexus, on the other hand, saw its movement jump by 34%, which far surpassed its supply growth (+5%), resulting in an increase in its score.

“Toyota Motor Corporation’s May performance demonstrates that there is more than one path to sales efficiency,” said Ron Boe, Chief Revenue Officer at Cloud Theory, “but the strength shown by both Toyota and Lexus speaks to the power of their two brands in the marketplace.”

To see more trends and forecasts on inventory, movement, segment trends, and inventory efficiency, download a copy of the June 2024 On the Horizon report here.

Cloud Theory’s On the Horizon report puts proprietary, real-time data into a historical context, so automotive OEMs can view and understand critical insights that help make decisions involving allocating marketing and incentives dollars.    

Georgia Council for the Arts received applications from arts organizations from across the state, including performing arts centers, museums, galleries, amphitheaters, and music festivals. Bridge Grants are available to arts organizations for eligible operating expenses like rent, utilities, programming expenses, and marketing. 

“We’re thrilled to receive the Bridge Grant from the Georgia Council for the Arts,” said Spruill CEO Alan Mothner. “This support means we can bolster our programming and keep offering the enriching cultural experiences that make such a positive impact on our community.”

Funding for these grants is provided through appropriations from the National Endowment for the Arts and the American Rescue Plan (ARP).

Georgia Council for the Arts (GCA) uses Peer Review Panels to judge and review applications following standard practices set by the National Endowment for the Arts. Panelists are GCA Council members and fellow professionals who are experienced in the arts discipline or type of grant being reviewed, or are citizens with a record of arts activities, experience, and knowledge.

Capitol Beat is a nonprofit news service operated by the Georgia Press Educational Foundation that provides coverage of state government to newspapers throughout Georgia. For more information visit capitol-beat.org.

Legislation establishing independent oversight of the federal prison system introduced by two members of Georgia’s congressional delegation is on its way to President Joe Biden’s desk.

The U.S. Senate gave final passage to the bipartisan bill on Wednesday. The House of Representatives already had passed the measure in May.

The legislation requires the Justice Department’s Inspector General to conduct comprehensive inspections of the federal Bureau of Prisons’ 122 correctional facilities and provide recommendations to fix whatever problems it uncovers. The bureau will have 60 days to respond to all inspection reports with a corrective action plan.

The bill also establishes an independent ombudsman to investigate the health, safety, welfare, and rights of incarcerated people and staff. The ombudsman’s office will create a secure hotline and online form for family members, friends, and representatives of incarcerated people to submit complaints.

“This is a major milestone,” said Sen. Jon Ossoff, D-Ga., who led an investigation into the federal prison system two years ago. Ossoff joined Republican Sen. Mike Braun of Indiana in introducing the bill.

“My bipartisan Senate investigations of corruption, abuse, and misconduct in the federal prison system have revealed an urgent need to overhaul federal prison oversight,” Ossoff added. “I now look forward to President Biden signing our bipartisan bill into law.”

U.S. Rep. Lucy McBath, D-Marietta, joined Republican Rep. Kelly Armstrong of North Dakota in introducing a companion bill in the House.

“The passage of my federal prison oversight legislation in the Senate marks a new step forward in ensuring accountability to protect staff and incarcerated individuals in our federal prisons,” McBath said Wednesday. “When Republicans and Democrats come together, we can deliver common-sense solutions for the American people.”

Georgians with incomes too high to qualify for Medicaid but not enough to afford private health insurance would receive temporary federal subsidies under legislation introduced by U.S. Sen. Raphael Warnock, D-Ga.

The Bridge to Medicaid Act would replace federal tax credits due to expire in 2026 with premium subsidies to help people with incomes between 100% and 138% of the federal poverty level buy health coverage in the private market. The subsidies would continue for three years to give policymakers in Georgia and other states that have not expanded Medicaid time to debate the issue.

“Health care is a human right,” Warnock said Thursday. “In the richest nation in the world, it’s a travesty that there are still hundreds of thousands of Georgians who don’t have access to the affordable health care they need due solely to the craven decisions of state politicians.”

Georgia’s Republican governors and the GOP-controlled General Assembly have opposed Medicaid expansion since a Democratic Congress passed the Affordable Care Act early in the last decade, citing the cost to taxpayers.

Gov. Brian Kemp steered a limited Medicaid expansion through the legislature that took effect a year ago this month offering coverage to those with incomes up to 100% of the poverty level. However, far fewer Georgians than anticipated have enrolled in the program.

Republicans have pledged to consider a more robust Medicaid expansion when a state commission created this year to examine how Georgia can improve health-care access begins holding hearings.

But Kemp remains adamant that a full expansion of Medicaid will not happen on his watch. Georgia is among 10 states that have yet to expand Medicaid coverage through the Affordable Care Act.

Four other Senate Democrats are co-sponsoring Warnock’s bill, including Georgia Sen. Jon Ossoff.

Capitol Beat is a nonprofit news service operated by the Georgia Press Educational Foundation that provides coverage of state government to newspapers throughout Georgia. For more information visit capitol-beat.org.

Georgia ranked worst in the nation in on-time mail delivery during the second quarter of this year, according to a new report from the U.S. Postal Service Office of Inspector General.

Only 63.7% of first-class mail in Georgia was delivered on time in April, May, and June, the agency reported. On time is defined as within two days.

Georgia’s score was well below the national average of 86.8% for the quarter and even farther below the target goal of 93%.

Still, Georgia’s second-quarter performance was an improvement over earlier in the year. At a U.S. Senate committee hearing in April, Sen. Jon Ossoff, D-Ga. revealed statistics showing that only 36% of first-class mail processed at a regional mail processing and distribution center in Palmetto was being delivered on time.

During the April hearing, Postmaster General Louis DeJoy blamed slow mail delivery on problems encountered during the rollout of a restructuring plan last February aimed at making the postal service economically self-sufficient. The plan was first implemented at mail processing and distribution centers in Palmetto and Richmond, Va.

Responding to those delays, DeJoy announced in May that the postal service would pause the plan at least until next year to give the postal service a chance to determine what went wrong and fix it.

In the meantime, the agency brought in more than 100 additional workers from other mail processing centers to Palmetto and revised transportation schedules between the Palmetto center and other local mail processing facilities.

Capitol Beat is a nonprofit news service operated by the Georgia Press Educational Foundation that provides coverage of state government to newspapers throughout Georgia. For more information visit capitol-beat.org.

The Stark Contrast in U.S. Road Safety and Regulations Across States

Summary

• Illinois has the most dangerous roads, with a high fatality rate due to aging infrastructure, insufficient maintenance, and heavy traffic volumes.

• Massachusetts is the safest state, with effective traffic management, stringent safety regulations, and substantial infrastructure investments.

• A three-pronged approach of upgrading infrastructure, enhancing traffic management, and strengthening law enforcement holds the promise of significantly improving road safety.

As the summer travel season approaches, knowing which states have the most dangerous and safest roads can make all the difference in keeping you and your family safe.

The data here reveals the states with the best and worst road safety records. Crystal Voogd from 5 Star Car Title Loans explains the factors contributing to their status. 

Most Dangerous Roads: Illinois

Illinois tops the list of states with the most dangerous roads. 

With a population of 2.5 million, the state recorded 1,255 fatalities in 2023, translating to a fatality rate of approximately 49 per 100,000 people. 

Contributing Factors

Illinois, a state with a rich history and vibrant culture, is unfortunately marred by a less favorable statistic—it has the most dangerous roads. 

According to Voogd, the state’s aging infrastructure, including roads and bridges, is frontline in this, paired with insufficient maintenance.

Additionally, the state’s urban areas have a high population density, which translates into heavy traffic. Also, due to the state’s central location, multiple major highways and interstates with heavy vehicle flow traverse the state.

“Illinois needs to prioritize infrastructure improvements and enhanced traffic management to ensure the well-being of drivers,” says Voogd.

But Illinois isn’t the only state that needs urgent attention. Georgia, Wisconsin, Wyoming, and Mississippi all have high fatality rates due to reasons including aging infrastructures, freezing winters (in Wisconsin), mountainous terrain (in Wyoming), and lack of investment. 

Safest Roads State: Massachusetts 

On the other end of the spectrum, Massachusetts is the safest state, with a fatality rate of 4.98 per 100,000 people. 

Contributing Factors

Massachusetts has implemented successful strategies to manage traffic flow efficiently. It has stringent safety regulations, including strict enforcement of laws against drunk driving and speeding.

Additionally, the state has made substantial investments in infrastructure, ensuring well-maintained roads and bridges.

Other states with notable road safety records include Hawaii (6.53), Rhode Island (6.56), and New Jersey (6.61). Along with efficient traffic management measures in these states, Hawaii’s island structure and Rhode Island’s compact size limit traffic congestion in the first place.

A Three-Pronged Road Safety Improvement Approach

“The stark disparities in road safety across U.S. states underscore the critical need for targeted interventions,” explains Crystal.

A three-pronged approach can significantly improve road safety: 

1. Prioritize infrastructure upgrades like better roads and bridges.

2. Enhance traffic management through strategies that efficiently control flow.

3. Strengthen traffic law enforcement with stricter penalties for DUI and speeding.

“By learning from the successes of states like Massachusetts, it is possible to create safer roadways and protect the lives of drivers across the country,” concludes Crystal.

 The CEOs of New York Stock Exchange-listed companies are focused on the growth opportunities that lie ahead, overwhelmingly led by artificial intelligence and followed by major strategic initiatives such as mergers and acquisitions and disruptive new business models, according to a new survey, “The New Growth Agenda: How CEOs are Navigating Emerging Shifts in Geopolitics, Trade, Technology, and People,” conducted by the Oliver Wyman Forum.

AI is the key force driving CEO optimism, with 96% of the NYSE-listed CEOs viewing it as an opportunity, according to the report, released today by the Oliver Wyman Forum, the think tank within consulting firm Oliver Wyman, a business of Marsh McLennan (NYSE: MMC).

Three-quarters (75%) of the CEOs surveyed see growth opportunities in the competitive environment, including big strategic areas like M&A and disruptive new business models, while 71% are optimistic that rapidly changing customer demographics, preferences and expectations could fuel growth. 

These findings come as NYSE-listed CEOs remain attentive to risks inherent in the current environment. Their top concern about factors disrupting their businesses the most is regulation, protectionism and government subsidies (54%), closely followed by volatile inflation and interest rates (51%), and geopolitical instability (37%).

“Artificial intelligence is the clearest example of the new growth agenda in practice and CEOs overwhelmingly see AI as the best way to focus on revenue and cost simultaneously,” said John Romeo, CEO of the Oliver Wyman Forum. “The challenge, from a return-on-investment perspective, is deciding where to lead and where to follow.”

“The NYSE community of listed companies is unparalleled around the globe and this survey offers unique insights into the thinking and priorities of their leaders in the current environment,” said Chris Taylor, Vice President, NYSE Global Head of Advisory. “The findings demonstrate that these companies are focused on growth but are also keeping a keen eye on the existing and emerging challenges, reflecting the seasoned management teams that guide these organizations.”

The survey was conducted in the second quarter of 2024 with more than 100 CEOs whose companies are listed on the NYSE and span different industries and sizes. The report includes data from earnings calls in Q4 2023 and analyses of macroeconomic trends. The analysis further incorporates data from Oliver Wyman Forum’s quarterly survey of more than 15,000 consumers and employees across 17 nations, as well as Oliver Wyman’s 2024 performance transformation survey of approximately 400 business executives.

Norfolk Southern Corporation’s (NYSE: NSC) latest “Forging a Better Tomorrow” report details the company’s progress on advancing its first-ever Climate Transition Plan (CTP), enhancing safety, and investing in its communities. The annual report, covering 2023 through early 2024, highlights Norfolk Southern’s contributions that foster a sustainable economic ecosystem with community benefits across its 22-state network and growth opportunities for its customers, including 27 million highway miles eliminated daily.

“At Norfolk Southern, we are dedicated to leaving the planet better than we found it, each customer and community well-served, and each employee experience enriched,” said Norfolk Southern President and CEO Alan H. Shaw. “Our investments in safety, our people, and sustainability are not only fundamental to our values but are also aligned to our strategy of driving innovation, operational excellence, and sustainable growth, ensuring long-term value for all stakeholders.”

Norfolk Southern is setting the standard for a cleaner rail industry with its first-ever CTP, aiming to reduce greenhouse gas (GHG) emissions intensity 42% by 2034. Key milestones to achieve this goal include:

• Fuel Efficiency: improving locomotive fuel efficiency 13% by 2027

• Renewable Energy: increasing renewable energy usage to 30% by 2030

• Biofuels: reaching 20% consumption of low-carbon fuels by 2034

“As a leading provider of freight-rail service, Norfolk Southern takes our role in reducing global supply chain emissions and fostering a transition to a low-carbon economy very seriously,” said Norfolk Southern Chief Sustainability Officer Josh Raglin. “We’ve made tremendous achievements towards sustainability in the past year as we’ve worked further towards our goal of not only forging a better tomorrow but building a better planet for future generations as well.”

Norfolk Southern also implemented various safety enhancements across its network, with the dedication and commitment of all 20,000 Norfolk Southern railroaders prioritizing safety every day. In doing so, Norfolk Southern achieved the following: 

• An approximate 38% reduction in mainline accident rate year-over-year in 2023

• Installed 187 out of a planned 259 hot bearing detector systems since announcing a Six-Point Safety Plan

• Deployed 17 new acoustic bearing detectors, significantly expanding the Norfolk Southern safety technology network

• Brought Norfolk Southern’s FRA Personal Injury Index down from 1.51 in 2020 to 1.09 in 2023, almost 14% lower than the 10-year average

• Introduced the next evolution of safety culture for employees, shifting from a compliance-oriented (“have to”) mindset to a commitment-driven (“want to”) attitude

• Became the first Class I railroad to participate in the Confidential Close Call Reporting System (C3RS), a program where employees can confidentially report safety concerns

Norfolk Southern served communities within its 22-state network through community investment, economic development, and infrastructure enhancement:

• Customer Investments: $3.1B

• Jobs Created: 4,156

• Infrastructure Investments: $1B

• 60% U.S. Population Served

• 19,300 Route Miles of Rail Lines

Norfolk Southern has launched several key initiatives to ensure safe, sustainable operations, support local workforce development, and foster strong, thriving communities:

• Doubled its network-wide investments in corporate giving from 2022

• Created an industry-first Director Community Engagement position

• Formed an official Public Private Partnerships team

• Launched Safety First and Thriving Communities grant programs

Continuing to prioritize investments in its people, Norfolk Southern:

• Enhanced training for frontline operations leaders through its Ballast Line Leadership Program
• Established an industry-first formal council with labor leaders
• Operationalized companywide inclusion with an official Inclusion Leadership Council
• Became the first Class I railroad to provide every conductor and engineer with predictable, scheduled time off

To access the full report and highlights document, please visit here.  

When Will the Housing Market Unfreeze?

When Will the Housing Market Unfreeze? Buyers can’t buy, sellers can’t sell. And this agony for buyers might not be eased within the next 12 months. Buyers/sellers, mortgage agents and Realtors all wonder when rates and home prices will fall. When will it all end? There’s a glimmer of hope that spring or H2 of…