Trucking Industry News

• Manufacturing contracts for the 10^th consecutive month in August (source: Institute for Supply Management)
  • The Manufacturing PMI registered a 47.6 reading, 1.2 points lower than July’s 46.4 percent.
  • The New Orders Index remained in contraction territory at 46.8 percent, 0.5 points lower than the 47.3 recorded in July.

• Economic activity in the services sector expanded in August for the seventh consecutive month (source: Institute of Supply Management)
  • August’s Services PMI registered 54.5 percent; 1.8 points higher than July’s reading of 52.7 percent. The sector has grown in 38 of the last 39 months.

• Minor increases in the August Cass Freight Index report (source: Cass Information Systems)
  • The shipment component of the Index grew 1.9% month over month in August but fell 10.6% year over year.
  • The expenditures component, which measures the total amount spent on freight, grew 1.1% month over month and fell 25.0% year over year in July.
  • The expenditures component rose 23% in 2022, and a record 38% in 2021, but is set to decline about 18% in 2023.
  • The freight market downcycle is now 20 months old, which compares to a range of 21 to 28 months in the past three downcycles.

• Retail Sales see another increase in August (source: Retail Dive)
  • Total retail sales rose 4.3% year over year in August, with e-commerce rising 7.6%, per the U.S. Department of Commerce.
  • Senior analysts have commented that spending of late has been aimed towards experiences – such as travel, dining and concert tickets – rather than physical goods.

• Trucking Tonnage Dip in August (source: Transport Topics)
  • Truck tonnage dipped 2.3% year over year in August, but inched up 0.2% from July, marking the second consecutive month over month increase.
  • Trucking represents 72.6% of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods.

• Port Houston Sees Drop (source: Transport Topics)
  • Port Houston witnessed a 20% decline in cargo volumes in August, compared to August of 2022.
  • In contrast, the Port of Los Angeles saw a 2.8% year over year increase, while the Port of Long Beach struggled with a 15.4% decline.

• August U.S.-bound shipments see another month of declines, reports S&P Global Market Intelligence (source: Logistics Management)
  • August Imports were down 12% annually but were up 5% compared to July. This is the 13^th consecutive month of year-over-year declines.
  • Year to date imports is down 14.8%, compared to this time last year.
  • Consumer discretionary goods again paced declines, with apparel imports down 22% annually.

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