October 2024 Economic Insights White Paper
U.S. Container Volume Reached 2,520,935 Import TEUs
Source | Descartes
- Month over Month: Increased by 1.7%
- Year over Year: Marked a significant 14.4% rise
- US Ports: Continued improvements in port transit delays despite higher volumes. Ports like Long Beach and New York/New Jersey saw steady performance, with Los Angeles and Houston continuing to gain momentum.
- Peak Volume Comparison: September’s container import volumes were just 1.4% below the year’s peak in July (2,556,180 TEUs).
The Logistics Managers’ Index (LMI) Increased to 58.4
Source | the-lmi.com
- Transportation Prices: Expanded for the fifth consecutive month, reaching 58.4
- Inventory Costs: Climbed 2.3 points to 71.3, marking the first time above 70.0 since February 2023.
- Warehousing Capacity: Increased at a slower pace, with a modest increase to 55.9, reflecting the continued demand for storage amid high inventory levels.
- Warehousing Utilization: Increased to 60.9, up by 3.3 points, as retailers prepare for the holiday season and move goods into storage.
- Transportation Utilization: Continued its expansion, although at a slower pace, reading in at 57.6.
- Transportation Capacity: Declined to 50.0, signaling tightening availability as we head into peak season.
U.S. Manufacturing PMI® Held Steady at 47.2%
Source | ISM.com
- New Orders: Dropped to 44.6% (-2.8%)
- Production: Fell to 44.8% (-1.1%)
- Employment: Rose to 46.0% (+2.6%)
- Supplier Deliveries: Declined to 50.5% (-2.1%)
- Inventories: Increased to 50.3% (+5.8%)
- Customers’ Inventories: Rose to 48.4% (+2.6%)
- Prices Index: Increased to 54.0% (+1.1%)
- Backlog of Orders: Improved to 43.6% (+1.9%)
- New Export Orders: Dipped to 48.6% (-0.4%)
- Imports: Increased to 49.6% (+1.0%)
The ATA For-Hire Truck Tonnage Index Dropped to 114.6
Source | Trucking.org
- Month-Over-Month: Decreased by 2.1%
- Year-Over-Year: Declined by 0.9%
- Not-Seasonally Adjusted Index: Registered 111.6 in September, reflecting a 6.4% drop from August.
U.S. Retail and Food Service Sales Hit $714.4 Billion
Source | Census.gov
- Month-over-Month: Retail sales increased by 0.4% in September 2024, a slight improvement over August’s modest rise.
- Year-over-Year: Sales were up 1.7% compared to September 2023, signaling steady growth.
- Total Sales: The combined sales from July through September 2024 saw a 2.3% increase compared to the same period last year.
- Notable Sectors: Nonstore retailers continued to shine, with a significant year-over-year growth of 7.1%. Meanwhile, food services and drinking places rose by 3.7% compared to September 2023
Cass Freight Index Insights
Source | Cassinfo.com
- Shipments: Fell by 1.7% month-over-month in September 2024, after a slight gain in August. On a year-over-year basis, shipments were down 5.2%.
- Expenditures: Saw a 2.4% month-over-month increase, driven primarily by rising freight rates despite declining fuel prices. Year-over-year, expenditures were down 6.6%, showing some recovery from steeper declines in previous months.
- Inferred Freight Rates: Freight rates increased by 4.2% compared to August, though they remained 1.4% lower than September 2023, suggesting a trend toward stabilization after months of decline.