The Weekly Freight Report for August 20, 2020
The Top 6 Stories in Freight
The truck load bull run continues… some capacity predictions… the MTL port strike enters week 4… and retail and industrial production is on the rise…
The hottest stories in freight can be found here, in the Weekly Freight Report:
1. The U.S. Trucking Market Remains Bullish
11 of the 15 major freight markets posted gains this week… again. The story seems to remain the same: Volumes continue to rise… and so do rejections. With retail and industrial sectors also showing growth, it looks like this new capacity pinch will only get worse as we move towards peak… Shippers should prepare for a tight truck market and expect rates to rise… Get the full story.
2. When Will Capacity Return to Trucking?
Tight capacity and high volume continues to be the TL market update week over week. The question now is… how long will this inflationary period last? Freightwaves experts take a look at the correlation between new truck orders and spot rates to find answers… Here’s their predicted time frame on the current market.
3. Week Four of Strike and No Resolution in Sight
The Montreal strike extends to its fourth week… and labor and employers show no signs of easing their positions. JOC says federal intervention may be inevitable… though many aren’t holding their breath for a quick response. Each day the strike continues the more money it costs shippers who face expensive delays and diversions. Get caught up on the strike here.
4. Retail Sales Continue to Improve
It’s good news for the U.S. economy as a whole… and another sign of a tighter freight market for shippers… New NRF data indicates retail sales continue to recover from the spring slowdown. Retail sales were up a surprising 10% year over year in July. With more people working from home and education finding its place online, electronics and appliance stores saw the largest gains. Get the full story here.
5. Industrial Production Sees Gains Month Over Month
The Federal Reserve reporting U.S. industrial production grows for the third month in a row. This is an important note for shippers as the increased volume will tax an already fragile market for truck capacity… Factory, mine and utility production increased 3% in July after surging 5.7% in June. The steady increase is a solid sign for economic recovery. Get the full story here.
6. Annual Brake Safety Week is Set for Aug 23rd
ATTN Carriers… The CVSA’s Brake Safety week is still on next week. The inspection runs from August 23-29. Last year, 13.5% of inspections resulted in a violation… and those carriers were off the road until their brake issues were fixed. Shippers and carriers should be prepared to avoid any freight hold-ups. Check out the details here.
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