Transportation market News
Container Freight
Source | Descartes
- In February 2024, U.S. container import volumes dipped by 6.0% compared to January 2024, totaling 2,137,724 twenty-foot equivalent units (TEUs).
- This represents a 23.3% increase compared to 2023.
- Container import volume at the top 10 U.S. ports experienced a 7% decrease month-over-month.
- Chinese imports in January also experienced a notable decline, dropping by 10.6% compared to the previous year.
- Despite the continuous capacity challenges at the Panama Canal, the volume at Gulf Coast ports has maintained a consistent level.
Logistics Manager Index
Source | the-lmi.com
- The February 2024 Logistics Managers’ Index (LMI) reported an increase to 56.5, marking the highest reading since October 2023.
- Key highlights:
- Expansion in inventory levels (58.5).
- Tightening capacity in warehousing utilization (52.8).
- Increase in transportation prices (57.6).
US Manufacturing Purchasing Manager’s Index
Source | ISM.com
- ISM Manufacturing PMI report reported contraction for the 16th consecutive month, with a PMI of 47.8.
- New Orders Index: 49.2%
- Production Index: 48.4%
- Price index: 52.5%
- Backlog of Orders index: 46.3%
- Employment index: 45.9%
- Three out of the six largest manufacturing industries (fabricated metals, chemical products, and transportation equipment) registered growth.
Trucking Tonnage
Source | Trucking.org
- The latest ATA Truck Tonnage Index reveals a 4.3% increase in February from the previous month, signaling a positive shift towards recovery.
- While there was a positive increase on a month-to-month basis, the index saw a 1.4% contraction year-over-year.
- The index, primarily reflecting contract freight, serves as a key indicator of economic health since trucking carries a significant portion of all domestic freight.
Retail Sales
Source | Census.gov
- In February 2024, U.S. retail and food services sales reached $700.7 billion, marking a 0.6% increase from January and a 1.5% rise from the previous year.
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The overall sales from December 2023 to February 2024 saw a 2.1% increase year-over-year. Retail trade sales also rose by 0.6% from January and were 0.8% higher than the previous year, with nonstore retailers experiencing a significant 6.4% increase from last year.
Cass Freight Index
Source | Cassinfo.com
- In February 2024, U.S. retail and food services sales reached $700.7 billion, marking a 0.6% increase from January and a 1.5% rise from the previous year.
- The overall sales from December 2023 to February 2024 saw a 2.1% increase year-over-year.
- Retail trade sales also rose by 0.6% from January and were 0.8% higher than the previous year, while nonstore retailers experienced a significant 6.4% increase from last year.