June Economic Insights White Paper
U.S. Container Volume Hits 2,346,382 Import TEUs.
Source | Descartes
- Month over Month: Noted a 6.2% increase.
- Year over Year: Saw a large increase of 11.9%.
- Top US Ports: New York and Long Beach saw the greatest increase in container volume.
- Country of Origin: Chinese imports continue on the road to recovery with a 17.6% monthly increase.
The Logistics Managers’ Index (LMI) Reported at 55.6, Indicating Expansion.
Source | The-lmi.com
- Transportation prices: increased by 13.7 points to 57.8, the highest level since June 2022, reflecting rising demand.
- Inventory levels: decreased by 4.5 points to 46.5, showing a contraction.
- Warehousing Utilization rose 8.9 points to 64.0, driven by downstream demand.
US Manufacturing PMI® recorded 48.7%, indicating a second consecutive month of contraction in the manufacturing sector.
Source | ISM.com
- New Orders Index: Fell to 45.4% (-3.7%)
- Backlog of Orders: Dropped to 42.4% (-2.1%)
- Production Index: Rose to 50.2% (+0.7%)
- Employment Index: Increased to 51.1% (+1.2%)
- Supplier Deliveries: Remained stable at 48.9% (-0.1%)
- Prices Index: Decreased to 59.5% (-1.0%)
- Inventories Index: Fell to 46.9% (-0.5%)
- New Export Orders: Grew to 50.6% (+1.3%)
- Imports Index: Increased to 51.1% (+0.9%)
The ATA For-Hire Truck Tonnage rose by 3.6% to 115.9.
Source | Trucking.org
- Month-Over-Month: The index increased 3.6% from April, marking a recovery after a 1% decline in the previous month.
- Year-Over-Year: For the first time in 15 months, the index rose by 1.5%.
- Not-seasonally Adjusted Index: Rose to 7.1% from April, showing strong performance before seasonal adjustments.
Advance estimates of U.S. retail and food services sales reached $703.1 billion in May.
Source | Census.gov
- Month-Over-Month: Saw a slight 0.1% increase from April 2024
- Year-Over-Year: Saw an increase of 2.9% compared to May of 2023.
- Total sales: From March to May 2024, total sales increased by 2.9% compared to the same period last year.
- Nonstore Retailers: Sales grew by 6.8% from the previous year.
Cass Freight Index Insights
Source | Cassinfo.com
- Shipments: Reported at 1.098, unchanged month-over-month, indicating ongoing softness in for-hire demand.
- Expenditures: Increased 1.9% month-over-month to 3.288, reflecting increased freight costs despite flat shipment volumes.
- Inferred Freight Rates: Jumped 3.9% month-over-month, showing the highest level in six months.
- Truckload Linehaul Index: Fell 0.5% month-over-month, with a gradual year-over-year decline of 1.7%.