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š BY THE NUMBERS: Important numbers impacting freight and logistics
ā½ Diesel: $4.366 gal (š½from $4.454 last week) - Source: EIA*
*EIA economic data delayed due to platform maintenance, Nov 8-10.
āļø Air Cargo Index (Sep ā23): 156.4 (š¼from 155.9 in Aug ā23) - Source: FRED
š¢ Global Container Index: $1,166.97 - Source: Freightos
Logistics News for Nov. 8, 2023
šøTransportation Department appropriations bill reaches House floor
Shortly after the Republican-dominated House selected Mike Johnson, there has been concern among some observers that the government shutdown drama will escalate. While the concern remains for some, a comprehensive transportation funding bill for the 2024 fiscal year is expected to hit the House floor in the next few days ā next week at the latest. Republicans are proposing cuts. Read hereā¦
š«FedEx air cargo business pushing pilots away due to volume contraction
The air cargo business for FedEx Express is reportedly encouraging pilots who are employed by its business to take jobs at a regional passenger feeder line for American Airlines to augment loss in flying schedules due to shipping demand in the air cargo space buckling. This was sent in a memo to their pilots. Readā¦
š¢A.P. MĆøller ā MƦrsk to reduce jobs due to worsening ocean market
The large ocean carriers announced they intend to cut at least 2,500 jobs, which will be eliminated in 2024. According to a recent earnings call, this is to cut costs and bring jobs at the carrier down to under 100,000. More. They call this āenhancing competitiveness and resilience through a leaner operation.ā
šFreight rail traffic rose by 1 percent year-over-year in October
According to data recently released by the Association of American Railroads, United States railroads logged about 1,997,322 carloads and intermodal units last month, a 1 percent increase compared with October 2022 traffic. Moreā¦
šDescartes says U.S. container imports have outpaced pre-pandemic levels
Container import volumes for major U.S. ports have continued to outpace pre-pandemic levels, indicating different outlooks on the status of ocean cargo. This is according to Descartesā November Global Shipping Report. U.S. container import volumes in Oct 2023 rose 4.7% from Sep, reaching 2.37 mil TEUs. Hereā¦
š š¼Union Pacific must face common-carrier complaint, says STB
Class I rail carrier Union Pacific must face a common-carrier complaint lodged against them, according to a ruling made by the U.S. Surface Transportation Board (STB). STB ruled 3-2 to allow Twin Cities shipper Sanimax to proceed in a case of alleged damages incurred on the company by Union Pacific. Readā¦
āStories for the coffee drinking this morningā
āThe War on Hamas Spells Trouble for the War on Inflationā - Bloomberg Opinion
āThe holiday spending outlook is sluggish across thousands of retailers: CNBC Supply Chain Surveyā - CNBC online
āEnd Of UAW Strike Spotlights Supply Chain, EVs' Futureā - Law360 (paywall)
āSupreme Court denies UPS driverās request for vehicle accommodationā - Freight Waves
Compiled by Michael McGrady ā news analyst and writer.
Do you have a tip? Feedback? Email him ā [email protected]