Trucking Industry News

Container Freight

Source | Descartes

U.S. container import volumes rose 7.9% MoM in January 2024, marking the largest increase for January in seven years.

• This increase was driven by a 14.9% rise in imports from China.
• Key U.S. ports like Los Angeles and Long Beach saw the majority of this growth.
• YoY, January experienced a 9.9% increase in TEU volume compared to 2023.
• This report indicates strong import activity despite potential supply chain challenges from global events.

Logistics Manager Index

Source | the-lmi.com

The LMI rose to 55.6 in January 2024, a +5.0 point increase from December.

• This points towards a rise in both inventory levels and costs.
• All indicators within the LMI showed growth for the first time since September 2019, signaling a positive trend towards expansion in the logistics industry.
• Encouraging beginning to the year, bolstered by increasing consumer confidence and economic vitality.

US Manufacturing Purchasing Manager’s Index

Source | ISM.com

The Manufacturing PMI reported at 49.1%, indicating a slowdown in contraction.

• The New Orders Index shifted into growth mode, reaching 52.5%, marking 5.5% increase from the previous month of December.
• Production Index hit 50.4%, showcasing a slight 0.5% MoM growth.
• In January, the Price index jumped to 52.9%, signaling a 7.7% uptick in performance.
• The backlog of orders index was recorded at 44.7%, showing a slight decrease of 0.6% MoM.
• The Employment Index was recorded at 47.1%, experiencing a decrease of 0.4% MoM.
• Overall, the sector shows resilience with growth in key areas.

The ATA Truck Tonnage Index decreased 3.5% in January

• January index fell to 111.0 from December’s 115.0.
  • This is a 1.2% increase from December.
• Marking the 11th consecutive year-over-year decline, with a 4.7% drop compared to January 2023.
• Winter weather was a likely driver in impacting freight volumes.
• Other notable factors include a decline in retail sales and manufacturing output.

Retail Sales

Source | Census.gov

January 2024 retail sales reported at $700.3 billion dollars.

• There was a slight decrease of 0.8% compared to the previous month, but a 0.6% increase from the previous year.
• Retail sales in traditional brick-and-mortar stores experienced a 1.1% decrease MoM.
• Online retailers experienced a 6.4% growth MoM.

Cass Freight Index

Source | Cassinfo.com

The January 2024 Cass Freight Index Report revealed significant shifts in the freight sector, including a -7.6% YoY decline in shipments and a -24.3% YoY drop in expenditures.

• There was a 3.5% decrease in the total expenditure on freight compared to the previous month, and a significant 24.3% decrease compared to the same time last year.
• Shipping volumes declined 7.6% both MoM and YoY.