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Transportation Market News

Monthly Musings – June 2024

Uncategorized / June 27, 2024

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%.