Trucking News

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Noteworthy news bullets we thought you’d enjoy

• Manufacturing activity remains in growth mode as sector’s dynamics start to shift, notes ISM (source: Logistics Management)
  • October manufacturing output remained in growth territory, with a PMI reading of 50.2. This represented growth for the 29^th consecutive month but was the lowest PMI reading since May of 2020’s 43.5.
  • New Orders reading remained in contraction territory at 49.2 (anything over 50 means growth), although it was 2.1 points higher than the 47.1 reading in September.

• NRF’s holiday sales forecast is pegged for a record year, amid economic concerns (source: Logistics Management)
  • NRF (National Retail Federation) is forecasting an increase of 6% – 8% year over year in holiday retail sales. In 2021, retail sales were up 13.5% compared to 2020.

• And now back up: Truck transportation jobs rose in October (source: Freight Waves)
  • In a sharp reversal from September, hiring in the truck transportation sector added 13,200 jobs in October. Additionally, the September number was revised upward 7,100 jobs.
• October Class 8 Sales Show Broad Gains Over Year Earlier (source: Transport Topics)
  • S. Class 8 sales in October improved 34.5% year over year.

• Cass Transportation Index Report October 2022 (source: Cass Information Systems)
  • The shipments component of the index fell 1.4% from September of 2022 but rose 2.9% from October of 2021.
• Imports into Southern California’s Ports plunged 26% in October (source: The Wall Street Journal)
  • Imports into the nation’s busiest container port complex in Southern California are plummeting as U.S. trade sputters and retailers and manufacturers shift their supply chains amid increasingly contentious West Coast port labor negotiations.
  • The declines are a contrast to East Coast ports that continue to see strong cargo volumes, with the Port of NY and NJ rising 12% year over year in September.

• US ecommerce grows 10.8% in Q3 of 2022 (source: Digital Commerce 360)
  • Amazon moved its Prime Day from June to July – and Amazon, Walmart, and Target’s collective performance drove the overall growth.
  • 20.6% of all dollars spent on retail purchases came from online orders.

• Diesel has shed 17.2 cents over the last two weeks, down to $5.141 per Gallon (source: Transport Topics)
  • A gallon of diesel costs $1.421 more than it did at this time in 2021.
• Grid not prepared for electric truck ‘avalanche’ (source: Fleet Owner)
  • A new study of EV charging requirements has said the charging capacity required to supply a large passenger vehicle travel center/truck site will be “roughly equivalent to the electric load of a small town.”
  • The white paper, The Electric Highway Study, is meant to be a blueprint for the buildout of fast-charging sites along highway corridors to meet an upcoming surge in demand from the electrification of passenger vehicles and commercial trucks.

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