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Noteworthy news bullets we thought you’d enjoy
ISM reports solid February manufacturing output (source: Logistics Management)
New orders, commonly referred to as the engine that drives manufacturing, saw a 3.8% increase from January, climbing to 61.7. This represented growth for the 21st consecutive month.
The ‘Amazon effect’: Is long haul trucking fading away? (source: Over Drive)
Today’s owner-operators show a preference for hauls between 250 – 450 miles, a trip that can be completed in a day (sometimes with return included).
From there, the shorter 1 – 100 mile run is preferred, and the lengthier hauls greater than 1,000 miles are ranked last in preference.
Class 8 Sales in February down 2.9% compared to February of 2021 (source: Transport Topics)
Class 8 U.S. retail sales in January were 14,916 compared with 15,369 a year earlier.
Diesel Adds to Record High, Hitting $5.25 a Gallon (source: Transport Topics)
Trucking’s main fuel has surged $1.146 in just the past two weeks.
The biggest increase was in California where the price rose $0.505 up to $6.264 a gallon.
POLA and POLB each set new January volume records (source: Logistics Management)
Total January POLA volume – at 865,595 TEU (Twenty-Foot Equivalent Units) – were up 3.6% annually, marking the highest volume January in the Port of Los Angeles’s 115 years of operation.
Requiring employers to pay truck drivers overtime and supporting legislation boosting shippers’ leverage against ocean carriers are among 62 policy recommendations in a 140-page supply chain vulnerability report the Biden administration unveiled.
Higher rates lead to unprecedented US LTL revenue gains (source: The Journal of Commerce)
Pricing discipline by carriers and increased volumes of international freight and e-commerce led to a 20.4% expansion of the US LTL market in 2021.
Total LTL revenue was $50.7 billion in 2021. In 2016, total revenue was $34.9 billion.
U.S. bound shipments and TEU see sequential declines and annual gains for February (source: Logistics Management)
Total February U.S.-bound containerized freight imports – at 2,528,809 TEU – were down 5.5% compared to January and up 6.9% year over year.
Supply chains top CFO business risk concerns (source: Supply Chain Dive)
Supply chain disruptions pose the biggest business risk this year, cited 84% of CFOs in a BDO survey of 600 finance leaders at companies with annual sales of between $500 million and $3 billion.
Talent shortages and the potential for tax law changes are other top risks. COVID-19, on the other hand is receding as a priority, although the increase of remote work has heightened cyber security risks.