U.S. Bank has launched a new barometer for assessing the nation's shipping industry. The U.S. Bank Freight Payment Index™ measures changes in shipment and spend activity, based on data from transactions processed through U.S. Bank Freight Payment across a range of industries, including automotive, manufacturing, food and retail. Published quarterly, the U.S. Bank Freight Payment Index includes regional and national breakdowns plus expert commentary from Bob Costello, chief economist for the American Trucking Associations.
Highlights for Q3 include:
• An 8.3% jump in the U.S. Bank National Spend Index reflects a tighter truck market, in part from increased demand in the aftermath of Hurricanes Harvey and Irma.
• The U.S. Bank National Shipment Index increased 3.3% -- slower than the second quarter, but still solid, considering the hurricanes.
• One of the most important developments has been the acceleration in factory output as the U.S. dollar retreated from high levels and businesses reinvested in capital equipment.
A unique feature of the index is that it breaks the data down into five regions - West, Southwest, Midwest, Southeast and Northeast -- based on state of origin for a shipment. Regional highlights for Q3 include:
• The Northeast saw the biggest shipment gain, 10%.
• Southeast shipments inched up just .1%, as hurricanes disrupted the supply chain. But spend jumped nearly 5% as truck capacity undoubtedly tightened.
Click link below for access to the report.
Company: U.S. Bank Freight Payment