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Reader: US Freight – Trucking, Rail, all of it – Goes to Heck
Posted By: RumorMail Date: Friday, 13-Nov-2015 15:03:21
www.rumormill.news/32564
In Response To: Amazon's Shipping Problems Indicate Something Happened to the Help, etc. (Infoeditor)
Reader WJ
**************************
“A drawdown much like the one we saw in 2009 and 2010.”
Transportation is a gauge into how well the real economy is doing. And it just keeps getting worse.
In October, the number of freight shipments in North America fell from September, in line with the patterns of the past few years, but it fell more sharply than before. And year-over-year, shipments dropped 5.3% to hit the worst level for October since 2011, according to the Cass Freight Index, after having already plunged in the prior month to the worst level for a September since 2010.
Cass put it this way:
This month’s decline was much sharper than in recent years and can be directly correlated to falling imports and exports as well as decreased domestic manufacturing levels. Burdened by bloated inventories, and under the shadow of a possible interest rate increase by the Federal Reserve, businesses cut back on new orders placed in the last three or four months. This is resulting in lower import volumes, less freight to move, and faltering industrial production. With the dollar still strengthening, export growth decelerated in the third quarter.
With the exception of January and February, the index has been lower year-over-year every month, which makes for a very crummy year:
US-freight-index-2015-10-shipments
The index is broad. It tracks shipment data from all kinds of companies, no matter what mode of shipping they choose, including truck and rail. But it does not cover bulk commodities, such as oil, wheat, coal, etc. It’s based on “$26 billion in freight transactions processed by Cass annually on behalf of its client base of hundreds of large shippers,” as Cass explains. These shippers form a “broad sample” in all kinds of sectors, including consumer packaged goods, food, automotive, chemical, OEM, heavy equipment, and retail.
Ah, retail…. Retailers are already blaming the debacle on the weather.
Macy’s was the latest retailer to confirm why transportation is having a hard time: revenues dropped 5% as earnings plunged 46% in the quarter ended October 31. While at it, it lowered guidance for the year, with sales at stores open at least one year declining 1.8% to 2.2%.
http://wolfstreet.com/2015/11/12/us-freight-plummets-worst-october-since-2011/
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Articles In This Thread
- Amazon's Shipping Problems Indicate Something Happened to the Help, etc.
Infoeditor -- Thursday, 12-Nov-2015 16:26:32
- Reader: US Freight – Trucking, Rail, all of it – Goes to Heck
RumorMail -- Friday, 13-Nov-2015 15:03:21
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