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Transportation Market News

Monthly Musings – August 2024

Industry Insights / August 22, 2024

August Economic Insights White Paper

U.S. Container Volume Hits 2,556,180 Import TEUs

Source – Descartes

  • Month over Month: Increased by 14.7%
  • Year over Year: Increased by 6%
  • US Ports: Significant increases were observed at key ports like Los Angeles and New York/New Jersey
  • Country of Origin: Chinese imports: 1,022,913 TEUs, setting a record high previously from July 2022

The Logistics Managers’ Index (LMI) Reported Growth to 56.5

Source – the-lmi.com

  • Transportation Prices: 63.8 (highest reported since May 2022)
  • Inventory Costs: 65.7
  • Warehousing Capacity: 54.9
  • Warehousing Utilization: 57.9
  • Warehousing Prices: 60.9
  • Transportation Utilization: 59.2
  • Transportation Capacity: 50.9
  • Inventory Levels: 49.5

U.S. manufacturing PMI Recorded 46.8%, Marking the Fourth Consecutive Month of Contraction

Source – ISM.com

  • New Orders: Dipped to 47.4% (-1.7%)
  • Production: Dropped to 45.9% (-2.6%)
  • Employment: Declined to 43.4% (-5.9%)
  • Supplier Deliveries: Grew to 52.6% (+2.8%)
  • Inventories: Fell to 44.5% (-.09%)
  • Customers’ Inventories: Declined to 45.8 (1.6%)
  • Prices Index: Increased 52.9% (+0.8%)
  • Backlog of Orders: Remained steady at 41.7
  • New Export Orders: Grew to 49% (+0.2%)
  • Imports Index: Grew to 48.5% (-2.6%)

The ATA For Hire Truck Tonnage Index Increased to 113.5

Source – Trucking.org

  • Month-Over-Month: Rose by 0.3% in July, following a 2.0% rise in June.
  • Year-Over-Year: Down .09% compared to July 2023, indicating the market slowly turning the corner.
  • Not-seasonally Adjusted Index: Reported 116.7 in July, 3.4% above June.

U.S. Retail and Food Service Sales Reached $709.7 Billion

Source – Census.gov

  • Month-Over-Month: Minor increase from June (+0.1%)
  • Year-Over-Year: Increased at a rate of 2.7% compared to July 2023.
  • Total sales: May through July were up 2.4% from the same period last year.
  • Nonstore Retailers: Sales grew by 6.7% from June.

Cass Freight Index Insights

Source – Cassinfo.com

  • Shipments: Increased by 3% to 1.110 compared to June 2024, reversing a four-month decline.
  • Expenditures: Increased by 0.7% to 3.211 in July
  • Inferred Freight Rates: Both shipment volumes and expenditures show a dip of 2.2% with the reported reading of 2.893, returning to the levels seen earlier in the year.
  • Truckload Linehaul Index: Fell 1% in July to 137.5, marking the second consecutive month of contraction.