Factory orders for durable goods rose in August, driven by a large increase in commercial aircraft orders. Orders historically are a leading indicator of future shipments, and August’s results suggest that freight demand on the durable side of the economy should remain solid.
Both new home sales and home starts showed some improvement in August, ending months of disappointing activity. Existing home sales failed to expand for the fifth straight month however, and housing in general remains a weak area for freight demand.
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A pair of releases this morning show that retail spending and industrial output expanded in August, signaling that some key components of freight demand continue to grow at a healthy pace in the 3rd quarter.
Data from LinkedIn’s monthly workforce report shows that hiring in the transportation and logistics sector has continued at a strong pace throughout the last year. While this reinforces much of what has been reported through government statistics, LinkedIn is able to leverage its unique social media data to discover new trends about labor markets in the economy.
Data on producer prices shows that overall inflation pressure eased further in the 3rd quarter, declining for the first time in 18 months. Trucking prices also calmed during the month, as big declines in long-distance trucking and LTL rates offset rising rates among local carriers.
U.S. job openings rose in July to a new record, adding to signs of labor-market tightness that may push wages higher. Within the transportation and logistics sector, openings continue to outpace hiring as businesses are finding considerable difficulty trying to fill positions.
Probably to no great surprise to attendees in the room, American Trucking Associations’ Chief Economist Bob Costello painted a very positive picture of the current and near-term freight environment during the ATA’s 2nd Annual Economic Summit last week in Washington, DC.
Job growth continued its remarkable pace in August, and data on hourly earnings show that wage growth is advancing at the fastest pace in over nine years. Strength in the overall labor market continues to spill into the trucking industry, which added jobs for the 11th time in 12 months.
Survey data from the manufacturing sector improved significantly in August, in a sign that activity continues at a strong pace after robust growth in the 2nd quarter.
A package of weak data on both housing starts and home purchases indicates that housing and construction remains one of the few areas of weakness in the economy in the 3rd quarter. This has put some downward pressure on freight demand, as the movement of building materials, furniture, and appliances is influenced by the strength of the housing market.
A pair of releases this morning show that retail spending and manufacturing output continued to advance in July, signaling that some key components of freight demand remain on solid footing in the 3rd quarter.
Schneider National became the latest carrier to announce that it has benefited financially from the strong pricing and capacity squeeze when it announced its second-quarter operating revenues were up 15% year-over-year.
Growth in the US economy improved considerably in the second quarter of the year, as a rebound in consumer spending helped drive the strongest quarter of growth in nearly four years.
Demand in the economy continues to grow at a solid pace at the start of the 3rd quarter, but a myriad of government survey results suggests that trucking capacity and concerns over tariffs have limited the performance of several sectors.
Recent increases in oil prices have revived some debate over the effect that oil has on the economy and freight markets. While evidence suggests that the recent increase has helped growth, there are some limits to the benefit that the market can gain from higher oil prices.
Data on producer prices shows that overall inflation pressure continued to heat up in the economy, as gains in service prices helped to push up. Trucking prices surged again in June, as part of an overall wave of rising transportation costs in the economy.
Job growth continued at an impressive pace in June, beating expectations for the second consecutive month. Trucking hires also made significant strides during the month, but increased competition from within transportation and other competing industries will remain a challenge going forward.
Survey data in both the manufacturing and service sectors continued to point to strong economic growth at the end of the 2nd quarter. Details in the survey responses continue to suggest that high transportation costs, labor shortages, and tariff uncertainty remain significant issues in the economy.
Both Dry Van Weekly Barometer and Reefer Weekly Barometer are predicting stronger contract pricing in coming months.
